Economy

Monday, December 16

Ukraine will spend 10 times more on its defense than NATO countries in 2025; the EU is not ready for war with Russia.

Ukraine will spend 10 times more on its defense than NATO countries in 2025; the EU is not ready for war with Russia. Next year, Ukraine will spend about 25% of its GDP on defense, which is 900% more than European NATO allies’ average, NATO Secretary General Mark Rutte said during a keynote speech in Brussels. ...

Canada will finance Ukraine’s rural population’s business initiatives, and Piraeus Bank will support Ukrainian SMEs along with the DFC.

Canada will finance Ukraine’s rural population’s business initiatives, and Piraeus Bank will support Ukrainian SMEs along with the DFC. The Ministry of Agrarian Policy, the Canadian NGO SOCODEVI, and the Dnipropetrovsk Regional Public Organization will cooperate to develop entrepreneurship for the rural population that has been affect...

Due to inflation, the key rate in Ukraine was increased from 13% to 13.5%.

Due to inflation, the key rate in Ukraine was increased from 13% to 13.5%. The Board of the National Bank of Ukraine increased the discount rate to 13.5% per annum. This takes place after inflation accelerated to 11.2% per annum in November. It is noted that the inflationary...

Ukraine has postponed signing a critical minerals deal with the US until Trump’s inauguration.

Ukraine has postponed signing a critical minerals deal with the US until Trump’s inauguration. According to the NYT, Ukraine has postponed signing a minerals deal with the US, and the agreement will likely be signed only after US President-Elect Donald Trump is inaugurated, allowing him, not J...

Thursday, December 12

Private arms manufacturers say there are no government orders for 2025 to load existing capacities.

Private arms manufacturers say there are no government orders for 2025 to load existing capacities. In Ukraine, 75% of 31 private companies in the defense-industrial complex said they are not negotiating to conclude any government weapons contracts for 2025. Only 19% of manufacturers have transition...

An Irish company invests €280M in a building materials plant in the Lviv region.

An Irish company invests €280M in a building materials plant in the Lviv region. The Kingspan Group will build a building materials production plant in the Murovans’ka AH (Lviv region). The company will invest €280M in constructing an innovative, sustainable building materia...

The Ministry of Agrarian Policy reports record output by the Ukrainian agricultural sector.

The Ministry of Agrarian Policy reports record output by the Ukrainian agricultural sector. Minister of Agrarian Policy Vitaliy Koval reported that in 2024, Ukraine’s agro-industrial complex achieved record production and export totals. In particular, sugar exports amounted to about 70...

A Ukrainian Agro giant continues its expansion strategy in international markets.

A Ukrainian Agro giant continues its expansion strategy in international markets. Agroholding MHP, the largest chicken producer in Ukraine, has submitted an offer to acquire UVESA Group, a leader in the Spanish poultry and pork production markets that was founded in 1964. MHP empha...

Wednesday, December 11

A new industrial park with a ₴2.4B total investment will be built in the Khmelnytskyi region.

A new industrial park with a ₴2.4B total investment will be built in the Khmelnytskyi region. The Cabinet of Ministers has entered into the register a new industrial park, Teofipol Eco Park, in the Khmelnytskyi region, creating more than 1,550 jobs on 30.8 hectares. The total volume of capital...

Ukrainian holding company will strengthen the US in the fight against China in the global titanium market by building a $100M plant.

Ukrainian holding company will strengthen the US in the fight against China in the global titanium market by building a $100M plant. The US Export-Import Bank (EXIM) has issued a letter of intent to provide $60M in financing with a 20-year maturity to Velta Holding U.S. Inc., the parent company of Ukrainian titanium producer Velta....

Russia’s oil export revenue is growing, allowing it to finance its war in Ukraine.

Russia’s oil export revenue is growing, allowing it to finance its war in Ukraine. According to KSE analysis, in October 2024, Russia’s oil export revenue increased by $1.2B, to $15.6B. 85% of deliveries were made by shadow tankers, which allowed Russia to evade the price limi...

Russian war spending has hit a new record of $20M per hour.

Russian war spending has hit a new record of $20M per hour. According to the German Institute for International Security Studies, Russia’s spending on “national defense” reached an unprecedented $43.28B in the third quarter. Compared to the s...

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,...

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