Economy

Wednesday, December 11

How was the Ukrainian metal trade in 2024?

How was the Ukrainian metal trade in 2024? In January-November, Ukrainian mining enterprises increased their iron ore raw materials exports by 87.4% compared to the same period last year – to 30.25 million tons. Revenue increased by 55.8% to $...

Developers share 2025 forecasts for new housing in Ukraine.

Developers share 2025 forecasts for new housing in Ukraine. In 2025, depending on the construction stage, the new building’s region, and the object’s quality and class, the price increases on the primary housing market may range from 10% to 20-25%....

Tuesday, December 10

Ukraine still needs to catch up to its pre-war export figures.

Ukraine still needs to catch up to its pre-war export figures. Analysts note that in 10 months of 2024, Ukraine earned $46.35B from exports of goods and services. Compared to the corresponding period last year, exports increased by 10%. During this time, $32.25B ...

The EU continues to fuel the Russian economy by increasing fuel purchases from Russian oil in India.

The EU continues to fuel the Russian economy by increasing fuel purchases from Russian oil in India. According to a report by the Center for the Study of Democracy (CSD), from January to August 2024 the EU bought almost 20% more fuel from three major Indian refineries that use Russian oil than last y...

Polish cement producers are demanding protection from Ukrainian imports.

Polish cement producers are demanding protection from Ukrainian imports. In 2020, supplies of Ukrainian cement to Poland amounted to 32,000 tons, in 2021 – 52,600 tons, in 2022 – 101,700 tons, in 2023 – up to 340,000 tons. This year, imports from Ukraine are expected to re...

Ukraine’s trade turnover for the first 11 months of the year exceeded last year’s indicator by almost $2.5B.

Ukraine’s trade turnover for the first 11 months of the year exceeded last year’s indicator by almost $2.5B. According to the State Customs Service, Ukraine’s trade turnover in January-November amounted to $101.9B: imports – $63.6B, exports – $38.3B. Ukraine imported the most goods from China – $13B, P...

The number of Ukrainian refugees in the EU increased by only 1,100 people in October, Germany is preparing for a new wave, and Slovakia is introducing restrictions.

The number of Ukrainian refugees in the EU increased by only 1,100 people in October, Germany is preparing for a new wave, and Slovakia is introducing restrictions. As of October 31, 2024, more than 4.198 million Ukrainians who left Ukraine after the start of the full-scale Russian invasion had temporary protection status in EU countries. Compared to the end of S...

Monday, December 9

Fitch has maintained Ukraine’s rating at RD – Restricted Default.

Fitch has maintained Ukraine’s rating at RD – Restricted Default. Fitch Ratings has affirmed Ukraine’s long-term foreign currency rating at restricted default (RD) as Ukraine continues to restructure its external debt. “Ukraine’s foreign currency i...

FitchRatings: What awaits the Ukrainian economy and when the war will end.

FitchRatings: What awaits the Ukrainian economy and when the war will end. Fitch Ratings predicts a slowdown in Ukraine’s economic growth. In 2024, GDP growth is predicted to reach 4%, facilitated by the normalization of Black Sea trade activity, high government spendi...

EU ambassadors can’t reach an agreement on the 15th package of Russian sanctions because of Lithuania and Latvia.

EU ambassadors can’t reach an agreement on the 15th package of Russian sanctions because of Lithuania and Latvia. Representatives of EU countries were not able to approve the 15th package of sanctions against Russia, aimed at its elusive shadow fleet. According to EU diplomats, Lithuania and Latvia blocked the ad...

The Ministry of Finance states that Ukraine has the resources to fight Russia in 2025.

The Ministry of Finance states that Ukraine has the resources to fight Russia in 2025. Although European allies are concerned that the US will cease providing aid to Kyiv after Donald Trump enters office, the EU is confident that Ukraine will soon receive a $50B loan to be repaid with p...

The World Bank will continue to finance Ukraine’s reconstruction in 2025.

The World Bank will continue to finance Ukraine’s reconstruction in 2025. Ukraine and the World Bank plan to continue their cooperation in 2025 and to further fund the RISE entrepreneurship support program, housing sector instruments, and mortgage programs, support Ukraine ...

Privatization: Ukrbud, a state-owned construction company, is being prepared for sale; the Bilhorod-Dnistrovskyy port deal is under threat.

Privatization: Ukrbud, a state-owned construction company, is being prepared for sale; the Bilhorod-Dnistrovskyy port deal is under threat. The State Property Fund (SPFU) has determined the starting price for the sale of the state-owned stake in the Construction Company Ukrbud – ₴262.6M. The privatization terms and starting price have yet...

Ukraine’s trade volume will continue to grow with its Western partners.

Ukraine’s trade volume will continue to grow with its Western partners. The Eastern Committee of the German Economy reported that the volume of Ukrainian-German trade in 2024 could reach €11-12B. Currently, both exports and imports are growing. For comparison, in pre-war ...

Friday, December 6

Ukraine’s international reserves increased by 9.1% in November to $39.92B.

Ukraine’s international reserves increased by 9.1% in November to $39.92B. The National Bank explains that this dynamic is due, on the one hand, to significant volumes received from international partners and, on the other hand, to a decrease in the volume of net currency sa...

France wants to be part of the logistics, energy, and telecommunications recovery in Ukraine.

France wants to be part of the logistics, energy, and telecommunications recovery in Ukraine. France is committed to facilitating the participation of French companies and other stakeholders in Ukraine’s reconstruction. In addition to concessional loans, export insurance, and military ri...

Thursday, December 5

Twice as many new residential complexes are being built in the Lviv region than in Kyiv.

Twice as many new residential complexes are being built in the Lviv region than in Kyiv. During the war, the undisputed leader in construction activity in Ukraine has been he Lviv region, where 35% of new buildings are being built. In the almost three years since the war began, constructi...

Banks’ hryvnia deposit portfolios have grown by ₴100B this year, or almost 7%.

Banks’ hryvnia deposit portfolios have grown by ₴100B this year, or almost 7%. According to Deputy Chairman of the NBU Serhiy Nikolaychuk, since the beginning of the full-scale invasion the increase has exceeded ₴830B (+90%). At the same time, 56% of customers’ hryvnia cur...

A Polish broad-gauge operator expands in anticipation of the post-war boom in traffic to Ukraine.

A Polish broad-gauge operator expands in anticipation of the post-war boom in traffic to Ukraine. Polish company PKP Linia Hutnicza Szerokotorowa, part of the state-owned PKP group that operates a nearly 400-kilometer broad-gauge railway connecting with Ukraine, is investing in expanding and moder...

Ukrainian retailers opened 2,279 stores in the first 10 months of the year.

Ukrainian retailers opened 2,279 stores in the first 10 months of the year. As of November 2024, 22,557 retail outlets in eight main retail sectors operated under the brands of the 110 members of the Ukrainian Retailers Association. The number of stores increased by 2,279 in ...

Wednesday, December 4

Ukraine will not have to repay the $50B G7 loan until it receives reparations from the Russian Federation.

Ukraine will not have to repay the $50B G7 loan until it receives reparations from the Russian Federation. Ukrainian parliament members approved amendments to the Budget Code, which introduced a new concept in the budgetary sphere – conditional debt obligations. This establishes a special status for funds ...

How strong will the hryvnia end the year against the dollar?

How strong will the hryvnia end the year against the dollar? In the last week of November, the NBU allowed the hryvnia to weaken to a new record low of ₴41.60 per $1, according to ICU. The total foreign exchange deficit last week increased due to increased dema...

Against intensified attacks on the energy sector, businesses worsened their expectations in November.

Against intensified attacks on the energy sector, businesses worsened their expectations in November. The Business Expectations Activity Index (BAEI) decreased to 47.2 points in November, compared to 49.4 in October and 48.7 in September, the National Bank reported. The following factors had a negativ...

Tuesday, December 3

In November, Russia lost the most soldiers in a month since the beginning of the war; how is the aggressor’s economy reacting?

In November, Russia lost the most soldiers in a month since the beginning of the war; how is the aggressor’s economy reacting? During November, the Russian army suffered its largest military losses in Ukraine since the beginning of the full-scale war, with 45,720 soldiers. The Ukraine Defense Forces also destroyed 307 Russian...

The EU wants Ukraine to have toll roads.

The EU wants Ukraine to have toll roads. Serhiy Derkach, Deputy Minister of Community and Territorial Development, said: “The issue of toll roads is an EU requirement. We have a draft law on this issue and are working on its implementa...

A Polish contractor will continue the construction of a waste recycling plant in Lviv with an annual capacity of 240,000 tons.

A Polish contractor will continue the construction of a waste recycling plant in Lviv with an annual capacity of 240,000 tons. Lviv municipal enterprise Green City signed an agreement with Polish contractor Control Process SA to continue the construction of a waste recycling plant in Lviv. The waste recycling project also rec...

Poland’s stance could derail EU-Ukraine trade talks.

Poland’s stance could derail EU-Ukraine trade talks. According to Politico, Poland provides Ukraine with military aid, takes in refugees, and advocates for its interests in the EU, but it maintains a negative attitude towards Ukrainian agricultural expo...

New mega shopping malls and stores are being built and opened in Ukraine.

New mega shopping malls and stores are being built and opened in Ukraine. Iryna Koval, Commercial Director of Building Development, which manages several retail real estate properties throughout Ukraine, said that their new facility in Chernivtsi, Bukovyna Mall, will be the...

Monday, December 2

Ukraine has approved a state property policy to improve state asset management and attract investment.

Ukraine has approved a state property policy to improve state asset management and attract investment. According to Minister of Economy Yulia Svyrydenko, the new property policy defines the state’s role in managing state-owned companies, outlining which are strategically crucial for the country a...

ITF Results: logistical ties with the EU, increased port capacity, and an infrastructure recovery fund.

ITF Results: logistical ties with the EU, increased port capacity, and an infrastructure recovery fund. Deputy Prime Minister for Recovery Oleksiy Kuleba stated during the International Transport Forum (ITF) that Ukraine is doing everything necessary to integrate into the European transport space and is...

The Rome Conference on the Reconstruction of Ukraine will focus on four areas.

The Rome Conference on the Reconstruction of Ukraine will focus on four areas. These are the private sector’s involvement, the regional dimension, European integration, and human capital development, said the Italian Ambassador to Ukraine Carlo Formosa. According to him, I...

Finland is ready to join Ukraine’s reconstruction: which sectors are considered priorities?

Finland is ready to join Ukraine’s reconstruction: which sectors are considered priorities? The Ministry of Economy reported that “Finland has been playing an important role in supporting Ukraine since February 2022, allocating €3.1B for defense and humanitarian assistance. FinlandR...

Zelenskyy signs tax increases into law: How much more will the budget receive?

Zelenskyy signs tax increases into law: How much more will the budget receive? President Volodymyr Zelenskyy signed a law on tax increases that are necessary to finance defense spending. The increases came into force on December 1. The total tax increases in 2024 will be about ₴...

European wood-based panel manufacturers invest €200M in woodworking plants in the Rivne region.

European wood-based panel manufacturers invest €200M in woodworking plants in the Rivne region. European wood-based panel manufacturer Kronospan has invested €200M in a new production line for oriented strand board (OSB) in the Rivne region. Over the past 20 years of operation in Ukraine, the co...

Friday, November 29

Alterra Group plans to build seven industrial parks after it completes one in Lviv.

Alterra Group plans to build seven industrial parks after it completes one in Lviv. The development company Alterra Group, which is currently implementing the Formatsia.Lviv industrial park project, intends to build a network of seven such parks, the company’s top manager, Olen...

In Ukraine, more than 1,200 agricultural enterprises have closed since the start of the full-scale invasion.

In Ukraine, more than 1,200 agricultural enterprises have closed since the start of the full-scale invasion. At the beginning of 2022, businesses had almost ceased hiring, and people were not looking for work. According to IMF estimates, Ukraine’s total losses amounted to 35% of GDP, and many companies...

The new European Commissioner for Agriculture names the Ukrainian agricultural sector the elephant in the room regarding its impact on EU agriculture.

The new European Commissioner for Agriculture names the Ukrainian agricultural sector the elephant in the room regarding its impact on EU agriculture. Christoph Hansen from Luxembourg has become the new European Commissioner for Agriculture and Food. Hansen comes from a family that owns a large farm in Luxembourg. Hansen has been working in the Euro...

Even under a baseline scenario, Ukraine’s public debt will exceed 100% of GDP.

Even under a baseline scenario, Ukraine’s public debt will exceed 100% of GDP. Ukraine’s public debt is already approaching 100% of GDP, and financing needs for recovery are currently around $600B. Even under the baseline scenario, the peak value of public debt is 103.9% of GDP,...

Ukrainian IT exports may decline by 6% this year.

Ukrainian IT exports may decline by 6% this year. The decline in exports of Ukrainian IT services continues. Even under an optimistic scenario, by the end of 2024 the decrease in volume will be at least 4% compared to last year, and this figure could...

Thursday, November 28

Russia is preparing to stop gas transit through Ukraine, while its oil and gas revenues have increased by 26% over the year.

Russia is preparing to stop gas transit through Ukraine, while its oil and gas revenues have increased by 26% over the year. In its internal plan for 2025, Russian Gazprom assumes that gas will no longer flow to Europe via transit through Ukraine. This is the base scenario that Russia is considering, writes Reuters. It is p...

Piraeus Bank opened its fifteenth branch in Zhytomyr as part of its strategy to expand its network across Ukraine.

Piraeus Bank opened its fifteenth branch in Zhytomyr as part of its strategy to expand its network across Ukraine. Despite the war’s challenges, Piraeus Bank remains a reliable partner for Ukrainian businesses with over 100 years of history and steadfast European values. This marks the fifteenth branch openi...

Ukraine and Denmark will introduce an investment acceleration mechanism.

Ukraine and Denmark will introduce an investment acceleration mechanism. The Ukrainian Ministry of Economy, following the Danish-Ukrainian Business Forum, reported: “Ukraine needs to increase private investment for the rapid recovery of our economy. Today, we signed ...

Wednesday, November 27

Trump is preparing a sweeping plan to strengthen the US’ role in the global hydrocarbon market.

Trump is preparing a sweeping plan to strengthen the US’ role in the global hydrocarbon market. Donald Trump’s transition team is preparing a package of large-scale energy measures that will be presented within days of his inauguration. The package will include approving export permits for...

The hryvnia continues to weaken under the National Bank’s control.

The hryvnia continues to weaken under the National Bank’s control. Last week, the National Bank kept the intervention volume below this year’s average weekly figure. It allowed the hryvnia exchange rate to weaken slightly. The market’s total foreign excha...

Despite the war, the West trades titanium with Russia; interdependence does not allow ties to be severed.

Despite the war, the West trades titanium with Russia; interdependence does not allow ties to be severed. In the first seven months of 2024, Russian titanium exports amounted to over $120M, with 33% of supplies going to France and the rest being shipped to the UAE, Turkey, Azerbaijan, Estonia, and Singapo...

The US has provided another $40M in lending guarantees for Ukrainian businesses.

The US has provided another $40M in lending guarantees for Ukrainian businesses. The US Development Finance Corporation (DFC) and USAID have signed an agreement with Lviv Bank to provide $40M in portfolio guarantees. The agreement enables Ukrainian entrepreneurs to receive loans o...

One of Ukraine’s largest agricultural holdings increased its sugar exports by 400%, increasing profit by €20M.

One of Ukraine’s largest agricultural holdings increased its sugar exports by 400%, increasing profit by €20M. In the first nine months of 2024, Astarta agroholding increased revenue by 13%, to €441M, and profit by €20M (+35%), to €75.6M. Revenue from sugar production increased by 19% to €169M. The volume of s...

Two more factories will begin construction in a Kyiv region industrial park in 2025.

Two more factories will begin construction in a Kyiv region industrial park in 2025. According to the Business Development Director of the Bila Tserkva industrial park in the Kyiv region, Oleksandr Protsyuk, five factories are currently operating there, three are still under construct...

Tuesday, November 26

The number of internally displaced persons in Ukraine is rapidly increasing, but the population is also returning to the occupied regions.

The number of internally displaced persons in Ukraine is rapidly increasing, but the population is also returning to the occupied regions. The number of internally displaced persons (IDPs) in Ukraine continues to grow, said Maksym Tkachenko, member of the parliamentary Committee on Human Rights. According to him, there are currently appr...

Ukraine is increasing its exports of dairy products and launching a modern dairy farm in the Rivne region.

Ukraine is increasing its exports of dairy products and launching a modern dairy farm in the Rivne region. Exports of Ukrainian cheeses in January-October 2024 amounted to 10,100 tons, which is 40.3% more than in the same period last year. Revenue amounted to $43.7M, 34% more than last year. The largest bu...

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