Economy

Monday, October 7

Bayer has disclosed the details of its €60M investment project in the Zhytomyr region.

Bayer has disclosed the details of its €60M investment project in the Zhytomyr region. The Bayer international concern, which previously announced an investment of €60M, revealed the details of its priority investment areas in Ukraine. The announced investments are aimed at expanding th...

Ukraine’s allies are investing tens of millions of dollars in its restoration: Here are latest contributions.

Ukraine’s allies are investing tens of millions of dollars in its restoration: Here are latest contributions. In 2024, the Norwegian government plans to allocate about $23.6M (NRK 250M) to investments in Ukraine. Capital provided through Norfund will reduce risks for companies investing in Ukraine, particular...

The Astarta and Bukovel projects will be the first to receive state support under Ukraine’s investment program.

The Astarta and Bukovel projects will be the first to receive state support under Ukraine’s investment program. The Cabinet of Ministers approved the signing of two special investment contracts within the framework of the support program for projects with significant investment, known as the investment nanny. T...

Friday, October 4

The Ministry of Economy names four critical price growth factors in Ukraine.

The Ministry of Economy names four critical price growth factors in Ukraine. In August, consumer prices increased by 0.6% for the month. On an annualized basis (August 2024 compared to August 2023), inflation accelerated to 7.5% from 5.4% a month earlier, according to the Moni...

Ukrainian seaports increased their cargo turnover by 80% in 2024.

Ukrainian seaports increased their cargo turnover by 80% in 2024. According to the results of the first three quarters of the year from the Ukrainian sea corridor’s operation, Ukrainian seaports increased cargo transshipment by 80% compared to the same period ...

Despite the war, Poland has recorded a sharp jump in exports to Ukraine in recent years.

Despite the war, Poland has recorded a sharp jump in exports to Ukraine in recent years. In Poland, a significant increase in the export of Polish products to markets in third countries, particularly Ukraine, has been recorded over the last two years, said Deputy Minister of Development o...

Half of Ukrainian refugees may stay abroad forever – that’s 3.3 million people.

Half of Ukrainian refugees may stay abroad forever – that’s 3.3 million people. Data from the Center for Economic Strategy shows that, as of January 2024, 52.5% of Ukrainians who had been forced to leave the country due to the war planned to return to Ukraine. The actual number o...

Thursday, October 3

Piraeus Bank joins leaders from the business community to discuss strategic planning at the War & Business event hosted by UBN.

Piraeus Bank joins leaders from the business community to discuss strategic planning at the War & Business event hosted by UBN. Piraeus Bank in Ukraine has reinforced its commitment to supporting business resilience and economic planning through its role as the general sponsor of the recent War & Business: Planning for an ...

DFNC2: The Ukrainian Military Industry is increasing cooperation with Western companies.

DFNC2: The Ukrainian Military Industry is increasing cooperation with Western companies. During the second international Defense Industries Forum (DFNC2), members of the “Ukrainian defense industry” signed cooperation agreements with four companies from the US, France, and Pol...

Ukraine’s indirect economic losses from the war exceed $1.1T.

Ukraine’s indirect economic losses from the war exceed $1.1T. Since the beginning of the full-scale invasion through July 2024, the total amount of Ukraine’s indirect losses, including current and projected losses of revenue and added value, is estimated a...

The final adoption of a bill raising taxes may negatively affect the economy: Businesses offer an alternative.

The final adoption of a bill raising taxes may negatively affect the economy: Businesses offer an alternative. The current version of the draft law provides for an increase in the military tax from 1.5% to 5%, a 50% tax on bank profits in 2024, and 25% for non-bank financial institutions. The bill foresees add...

Despite the war, Jysk continues to invest and opens its 100th store in Ukraine.

Despite the war, Jysk continues to invest and opens its 100th store in Ukraine. Jysk, an international home furnishing retailer, is opening a new store in Chernivtsi on Thursday, October 3, said Yevhen Ivanitsa, the Country Director in Ukraine. Since the start of the full-scale i...

Real estate developers in Ukraine opened sales in almost 500 new residential complexes during the war.

Real estate developers in Ukraine opened sales in almost 500 new residential complexes during the war. Primary housing market dynamics are currently showing growth after their collapse in the first year of the war when the pace of construction fell by an average of 65%. Since the beginning of the full-...

The number of hotels, motels, and hostels in Ukraine is growing.

The number of hotels, motels, and hostels in Ukraine is growing. According to research by the Ribas Hotels Group, the country’s tourism industry is actively recovering despite the challenges associated with the war, the COVID-19 pandemic, and the annexation o...

Wednesday, October 2

Ukraine has fulfilled almost all IMF requirements for the sixth revision of the cooperation program.

Ukraine has fulfilled almost all IMF requirements for the sixth revision of the cooperation program. According to monitoring by the RRR4U consortium, the parties agreed on the successful fifth revision of the current cooperation program in early September. Soon, a decision from the Board of Directors...

Experts have proposed a strategy to reduce Russian gas revenues.

Experts have proposed a strategy to reduce Russian gas revenues. Since the start of the full-scale war, Russia has generated almost €800B from the sale of energy resources, of which €33B has been paid by EU countries for Russian LNG. The Center for Economic Strateg...

A manufacturer of Leopard tanks and Caesar howitzers will repair military equipment in Kyiv and plans to produce ammunition and spare parts with Ukraine.

A manufacturer of Leopard tanks and Caesar howitzers will repair military equipment in Kyiv and plans to produce ammunition and spare parts with Ukraine. One of the largest arms manufacturers in Europe, the French-German conglomerate KNDS, has opened a branch in Ukraine, as announced by the defense ministers of France and Germany in March. KNDS Ukraine...

Estonia seeks to adapt its military industry to Ukraine’s needs.

Estonia seeks to adapt its military industry to Ukraine’s needs. Estonia intends to restructure its military aid to Ukraine so that it is dominated by products from its domestic enterprises to provide support for the Estonian military industry, the country’s ...

Ukraine is considering the construction of a gunpowder plant and growing raw production materials.

Ukraine is considering the construction of a gunpowder plant and growing raw production materials. According to the director of Ukrainian Armored Vehicles, Vladyslav Belbas, the manufacturer received only one proposal from a Western company in three years, which was to build a €20M plant to process...

This season, exports of Ukrainian grains and oilseeds may fall to an eight-year low.

This season, exports of Ukrainian grains and oilseeds may fall to an eight-year low. In August and September, Ukraine usually ships grain actively in all directions. But this year, ports and oil storage facilities are empty due to several factors that have affected the logistics marke...

An Italian company will build two waste processing plants in Transcarpathia, and the Mykolayiv region will build a river terminal.

An Italian company will build two waste processing plants in Transcarpathia, and the Mykolayiv region will build a river terminal. Italian company Gesenu is ready to construct two waste processing plants in Transcarpathia, which will serve 400,000 and 550,000 people, respectively. The Italian government is ready to finance these ...

Housing purchases through mortgages can comprise 45% of Ukraine’s primary market.

Housing purchases through mortgages can comprise 45% of Ukraine’s primary market. Given stable financing for the state’s preferential lending program, eOselya, the share of mortgage sales on the primary market will increase to 40-45%, experts from the DIM group of companies p...

Tuesday, October 1

The NBU maintains this year’s economic growth forecast of 3.7% despite the situation in the energy sector and expects positive results from tax increases.

The NBU maintains this year’s economic growth forecast of 3.7% despite the situation in the energy sector and expects positive results from tax increases. As noted by the head of the National Bank, Andriy Pyshnyi, the regulator remains largely confident in the forecast it presented in July. “The economy will grow by 3.7% this year. The assumption ...

What are the NBU’s plans regarding the key policy rate?

What are the NBU’s plans regarding the key policy rate? Almost all (10 out of 11) of the NBU’s Monetary Policy Committee members support keeping the discount rate at 13%. The NBU notes that the majority believes that the current rate level provides n...

Despite the war, restaurants, supermarkets, and malls featuring international and domestic brands continue to open in Ukraine.

Despite the war, restaurants, supermarkets, and malls featuring international and domestic brands continue to open in Ukraine. This weekend, the first stage of the Epicentr shopping center was launched in the village of Chabany, close to the capital. The two-story mall’s total area is more than 96,000 square meters. Lat...

Despite their proximity to the front, Interpipe and Nibulon continue to invest in capacity expansion.

Despite their proximity to the front, Interpipe and Nibulon continue to invest in capacity expansion. According to Interpipe’s top manager Denys Morozov, the company is opening a new heat separation plant in Nikopol, investing $40M, and has many more plans for the future. The company’s pro...

Monday, September 30

The G7+ leaders adopt a declaration on the rebuilding of Ukraine.

The G7+ leaders adopt a declaration on the rebuilding of Ukraine. The leaders of the G7 and more than 30 partner countries, as well as the EU, adopted a Joint Declaration to support Ukraine’s recovery and reconstruction, providing further military, economic, a...

Ukraine has launched an electronic residency program to make it easier for foreigners to start a business.

Ukraine has launched an electronic residency program to make it easier for foreigners to start a business. Diia has launched the uResidency electronic residency program, which allows foreigners to register and conduct business in Ukraine remotely, Minister of Digital Transformation Mykhailo Fedorov said. &...

The volume of completed construction work in Ukraine has increased by 37.1%.

The volume of completed construction work in Ukraine has increased by 37.1%. According to the first half of 2024’s results, the index of completed construction works in Ukraine increased by 37.1% compared to the same period in 2023. According to the State Statistics Serv...

Despite the war, Ukraine’s industrial production increased by 8.1%.

Despite the war, Ukraine’s industrial production increased by 8.1%. The volume of the industrial output in Ukraine in January-June 2024 increased by 8.1% compared to the same period in 2023. In June, the indicator decreased by 0.3% compared to the corresponding month ...

The state program of preferential business lending positively affects the economy but needs improvement.

The state program of preferential business lending positively affects the economy but needs improvement. As of January 1, 2024, the state’s debt to banks under the 5-7-9% Available Loans program amounted to ₴7.1B, and barring changes, by the end of 2024 this figure may reach ₴11.5B, according to th...

Russia’s oil revenue faces further decline as Saudi Arabia plans to increase its oil production while Europe focuses on sanctions against Russian LNG.

Russia’s oil revenue faces further decline as Saudi Arabia plans to increase its oil production while Europe focuses on sanctions against Russian LNG. Saudi Arabia is ready to abandon its unofficial price target of $100 per barrel of oil as it prepares to increase production and protect market share, writes the FT. From December, Saudi Arabia will i...

Land reform in Ukraine has been launched, and in the coming years land prices may increase by 20% – Ministry of Agrarian Policy.

Land reform in Ukraine has been launched, and in the coming years land prices may increase by 20% – Ministry of Agrarian Policy. Since the land market’s opening in 2021, the price of land in Ukraine has increased from ₴39,000/hectare to ₴46,000/hectare in 2024, and its value may increase by approximately 20% in the follow...

Thursday, September 26

The loss of Pokrovsk will lead to a 50% drop in Ukraine’s steel production.

The loss of Pokrovsk will lead to a 50% drop in Ukraine’s steel production. If Pokrovsk is lost, steel production in Ukraine may fall by more than 50% due to a shortage of coking coal, said the head of Association of Enterprises Ukrmetalurgprom, Oleksandr Kalenkov. He noted t...

Ukrainians are taking out mortgages more actively: Banks are issuing ₴1.2B monthly in loans.

Ukrainians are taking out mortgages more actively: Banks are issuing ₴1.2B monthly in loans. Ukrainian banks issued 694 mortgage loans for a total amount of ₴1.2B in July, which is ₴200M ($5M) more than in June, the National Bank reports. The volume of consumer mortgage loans issued in July 2...

The capabilities of Ukraine’s defense industry are insufficient to combat Russia.

The capabilities of Ukraine’s defense industry are insufficient to combat Russia. Deputy Minister of Defense Ivan Gavrylyuk said that “We do not have enough developed capabilities in our defense-industrial complex to win this war with our weapons. For a long time, under corru...

Ukrainians are increasing their debt – lending increased by 5.3%.

Ukrainians are increasing their debt – lending increased by 5.3%. In the second quarter, financial services companies and pawnshops showed an increase in the volume of basic types of services, even against a total reduction of assets by 12.3%. Credit unions and life...

Wednesday, September 25

The process of rebuilding Ukraine will become more transparent.

The process of rebuilding Ukraine will become more transparent. A newly adopted draft law, which obliges publishing the prices of building materials in all public procurements, is an essential anti-corruption step to ensure more transparent use of budget funds and...

A new industrial park with dozens of factories will be open in Prykarpattia.

A new industrial park with dozens of factories will be open in Prykarpattia. The Minister of Economy reported that the Cabinet of Ministers has registered the new Kalush Production industrial park in Kalush, Ivano-Frankivsk region. The park’s production capacity includes...

Spain and Bulgaria call on the EU to limit the import of several agricultural products from Ukraine.

Spain and Bulgaria call on the EU to limit the import of several agricultural products from Ukraine. Minister of Agriculture of Bulgaria Giorgi Takhov said that the EC should ban the import of Ukrainian eggs to Bulgaria. In the first half of 2024, exports reached 2,618 tons, 400% higher than last yea...

Monday, September 23

AmCham and Deloitte survey results: How businesses in Ukraine are preparing for winter.

AmCham and Deloitte survey results: How businesses in Ukraine are preparing for winter. The vast majority (88%) of 139 companies, operating in various sectors of the Ukrainian economy, that participated in the survey are prepared for long-term power outages. 33% can provide their own ene...

How will the real estate market react to the hryvnia’s further fall?

How will the real estate market react to the hryvnia’s further fall? Until the end of the year, bankers forecast exchange rate fluctuations in the current corridor of ₴41.3-42 per $1. This coincides with the exchange rate calculations laid down in the state budget (₴42...

Friday, September 20

Ukraine simplified the privatization of state-owned banks and is preparing to reform the Accounting Chamber.

Ukraine simplified the privatization of state-owned banks and is preparing to reform the Accounting Chamber. The Ukrainian Parliament approved a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The move expands the range of potential investors whom the stat...

Ukraine can become the titanium hub of Europe, but hundreds of millions of dollars are needed.

Ukraine can become the titanium hub of Europe, but hundreds of millions of dollars are needed. To replace Russia in the global supply of titanium, Ukraine will require years of construction and hundreds of millions of dollars of investment, said the chairman of the board of the United Mining an...

Summer shelling halved the demand for housing in new buildings.

Summer shelling halved the demand for housing in new buildings. In August, the demand for apartments in new buildings fell by an average of 40-50% compared to July, according to industry experts. However, after the restoration of uninterrupted power supply, intere...

Thursday, September 19

At the end of the summer, economic growth accelerated in Ukraine.

At the end of the summer, economic growth accelerated in Ukraine. In August, the Ukrainian economy grew by 3.5% (±1%) compared to August last year. Based on the results of eight months of the year, GDP growth is estimated at 3.9% against the corresponding period of ...

The share of businesses in Ukraine that expect growth in production and export is growing.

The share of businesses in Ukraine that expect growth in production and export is growing. According to the monthly survey of enterprises by the Institute of Economic Research, 38.2% of respondents expect an increase in production (against 35.7% in July) in the next three to four months. Ex...

Ukrainian UAV manufacturers will be able to increase their production and sales, now able to participate in Drone Coalition tenders.

Ukrainian UAV manufacturers will be able to increase their production and sales, now able to participate in Drone Coalition tenders. For the first time, Ukrainian manufacturers of unmanned technologies will be able to participate in Drone Coalition tenders within the framework of the Contact Group on Defense of Ukraine (Ramstein fo...

Three industrial parks receive ₴347.5M in grant funds from the state for infrastructure development.

Three industrial parks receive ₴347.5M in grant funds from the state for infrastructure development. Three more industrial parks in the Zhytomyr, Zakarpattia, and Vinnytsia regions received state funding under the Made in Ukraine policy in the total amount of ₴347.5M ($8.5M). The Korosten industrial ...

Wednesday, September 18

Leasing of Ukraine’s state lands next year will generate ₴8B for the budget.

Leasing of Ukraine’s state lands next year will generate ₴8B for the budget. Through the Land Bank’s implementation, Ukraine will receive several billion hryvnias from the lease of state lands next year, which will contribute to the country’s economic development, ...

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