Economy

Monday, September 9

Ukrainian banks increased their profits by 22%, with one of them accounting for 40% of the total amount.

Ukrainian banks increased their profits by 22%, with one of them accounting for 40% of the total amount. The total profit generated by Ukrainian banks for the first seven months of the year is ₴119.44B, which is 22% more than in the same period last year. Along with earnings, income tax increased by 80% ...

Transcarpathia is turning into an economic hub; what makes the region attractive for businesses?

Transcarpathia is turning into an economic hub; what makes the region attractive for businesses? As of July, more than 80,000 entrepreneurs worked in Zakarpattia Oblast. During the war, the number of entrepreneurs has increased by more than 6,000, which indicates favorable conditions for economic...

Friday, September 6

Despite widespread blackouts, GDP growth accelerates in Ukraine.

Despite widespread blackouts, GDP growth accelerates in Ukraine. In July, Ukraine’s GDP growth accelerated to 2.7% after rising 1.6% in June in response to early harvesting. For January-July, growth is estimated at 4% [±1%], which generally corresponds with t...

At the request of the World Bank, Ukraine changed the conditions for the sale of state-owned banks: The state’s share in the sector must decrease.

At the request of the World Bank, Ukraine changed the conditions for the sale of state-owned banks: The state’s share in the sector must decrease. The Parliament of Ukraine adopted a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The draft law modifies the rules for the sale of state banks, a...

One of Ukraine’s largest woodworking enterprises exports products for French winemakers and has continued to develop during the war.

One of Ukraine’s largest woodworking enterprises exports products for French winemakers and has continued to develop during the war. Wood International from Khust (Transcarpathia region) manufactures oak rivets (a barrel fastening component) and alternative products for aging wine, spirits, and beer. The primary sales market for th...

No major investor has left the Zhytomyr region during the war; a Polish company is preparing to invest ₴15M in the mining industry.

No major investor has left the Zhytomyr region during the war; a Polish company is preparing to invest ₴15M in the mining industry. As reported by Vitaliy Bunechko, the head of Zhytomyr OVA, Polish company Cersanit, which has a large sanitary wares production plant in Zvyagel (Ukraine), plans to invest ₴15M in the kaolin clay depo...

The business community offers an alternative to increasing taxes in Ukraine.

The business community offers an alternative to increasing taxes in Ukraine. Members of the European Business Association hope that instead of drafting laws to raise taxes for businesses, the government can find other solutions to fund the budget, as the entire burden of the p...

Thursday, September 5

In August, Ukraine held 500 auctions for state and communal property, attracting over ₴160M.

In August, Ukraine held 500 auctions for state and communal property, attracting over ₴160M. According to Prozorro.Sale, more than 500 August online auctions has generated almost ₴161.7M for Ukrainian budgets at all levels. The most expensive lot of the month became the property of the automo...

Ukraine completed its $20.5B Eurobond restructuring, reducing the national debt by $9B.

Ukraine completed its $20.5B Eurobond restructuring, reducing the national debt by $9B. The restructuring process included the exchange of 13 series of government Eurobonds and one series of state-guaranteed Ukravtodor Eurobonds worth about $20.5B, approximately $24B including capitalize...

The IMF pushes Ukraine to raise taxes and depreciate the hryvnia, with $1.1B in new financial aid at stake.

The IMF pushes Ukraine to raise taxes and depreciate the hryvnia, with $1.1B in new financial aid at stake. Ukrainian officials expect the IMF this week to push the country toward faster currency devaluation, lower interest rates, and to increase tax collection efforts to close the country’s budget de...

In eight months, Ukraine’s seaports have exceeded last year’s transshipment volume.

In eight months, Ukraine’s seaports have exceeded last year’s transshipment volume. The Ukrainian maritime corridor’s operation has allowed Ukrainian seaports to record a cargo turnover of 66.8 million tons in January-August 2024, exceeding the previous year’s figure, when the transs...

This fall, the prices of products in Ukraine will increase by 30%.

This fall, the prices of products in Ukraine will increase by 30%. A short-term seasonal decrease in vegetable prices will be replaced by an increase in autumn, especially for high quality goods. Entrepreneurs complain that they have run out of security, and consumer...

Wednesday, September 4

Ukraine has doubled its national debt, and here is what will happen next.

Ukraine has doubled its national debt, and here is what will happen next. During the 2.5 years of the full-scale war, Ukraine’s public debt has increased by 130% in hryvnia equivalent (+₴3.644B), and in foreign currency by 66% (+$62B). “Despite everything, the d...

Fitch Ratings assesses Ukrainian Railway’s financial condition.

Fitch Ratings assesses Ukrainian Railway’s financial condition. International rating agency Fitch Ratings raised the long-term default ratings of the issuer Ukrzaliznytsia (UZ) and its $894.9M in Eurobonds from C to CC. Despite a high probability of default, anal...

Companies have become more active in the land market, which is increasing prices.

Companies have become more active in the land market, which is increasing prices. The volume of concluded purchase and sale agreements in the Ukrainian agricultural land market in July 2024 increased by 10.2% and by 4.3% in terms of the area of land in circulation compared to Jun...

What international practices should Ukraine borrow for its reconstruction?

What international practices should Ukraine borrow for its reconstruction? Although Ukraine’s actual war losses are twice as high as those of some other countries following military conflicts and global cataclysms in recent decades, it can effectively use these countri...

Faced with falling global prices, Ukraine risks losing its share of metallurgical exports.

Faced with falling global prices, Ukraine risks losing its share of metallurgical exports. The situation in the Ukrainian mining segment shows a significant recovery, which began after the sea corridor’s opening last year. However, due to a drop in prices on the global metallurgical market,...

Owning a home is hard to afford even in wealthy countries: Prices are skyrocketing.

Owning a home is hard to afford even in wealthy countries: Prices are skyrocketing. Half of the respondents from the countries of the Organization for Economic Cooperation and Development (OECD), which unites 38 countries with high individual income and a high human development index...

Tuesday, September 3

Russia has overtaken the US in supplying gas to the EU; Turkey will help Russia to regain the European gas market.

Russia has overtaken the US in supplying gas to the EU; Turkey will help Russia to regain the European gas market. As Die Welt reports, based on data from Brussels consulting company Bruegel, for the first time in almost two years EU countries imported more gas from Russia than from the US in a quarter. From April...

Ukrainian gas storage will be useful to European traders as the transit contract between Ukraine and Russia comes to an end.

Ukrainian gas storage will be useful to European traders as the transit contract between Ukraine and Russia comes to an end. According head of Naftogaz Oleksiy Chernyshov, Ukraine already has enough gas to meet its own needs, so storage facilities may be available to the EU, which seeks to preserve its reserves ahead of win...

The war in Ukraine has prompted European funds to increase their investments in defense companies by more than 100%.

The war in Ukraine has prompted European funds to increase their investments in defense companies by more than 100%. Since the Russian invasion of Ukraine, European sustainable development funds’ investments in defense companies have increased by more than 100%, which relates to political demands to strengthen the d...

Ukraine will receive the second tranche of EU aid from the proceeds of Russian Federation assets by March 2025

Ukraine will receive the second tranche of EU aid from the proceeds of Russian Federation assets by March 2025 , promises the head of European diplomacy, Josep Borrell. He also notes that the European Union has already allocated the first €1.4B tranche of revenue from frozen Russin assets through the European ...

The Ukrainian parliament proposes an alternative plan to cover the ₴500B defense deficit.

The Ukrainian parliament proposes an alternative plan to cover the ₴500B defense deficit. The budget committee of the Verkhovna Rada proposed and provided support for its solution to raise funds for the Defense Forces: reducing debt expenditures, placing bonds, and exceeding the tax collec...

Ukraine is working to legalize cryptocurrency to fill its coffers.

Ukraine is working to legalize cryptocurrency to fill its coffers. The legalization of cryptocurrency can become a practical alternative when looking for new sources of tax revenue, according to Deputy Minister of Digital Transformation Oleksandr Bornyakov. At the sa...

Businesses have learned to live without electricity: The enterprise business activity assessment has improved.

Businesses have learned to live without electricity: The enterprise business activity assessment has improved. In August, the index of business activity expectations calculated by the National Bank was 48.4 compared to 44.4 in July. Gradual adaptation to permanent power outages and establishment of alternative...

Ukrainian Velta attracted a grant worth more than €7M from the EU for its innovative titanium mining.

Ukrainian Velta attracted a grant worth more than €7M from the EU for its innovative titanium mining. The Ukrainian company Velta, which mines titanium-bearing ores in the Kirovohrad region, received a four-year, €7.3M grant from the EU as part of the Resilient Value Chains 2024 competition through th...

Seven biomethane projects with an annual capacity of 111 million cubic meters will be launched in Ukraine by the end of the year.

Seven biomethane projects with an annual capacity of 111 million cubic meters will be launched in Ukraine by the end of the year. Heorhiy Heletukha, head of the Bioenergy Association of Ukraine, listed these projects at an online event, Biogas and biomethane: Here are the new opportunities for Ukraine’s energy independence...

The Netherlands provides Ukraine with €200M in aid, and Romania will transfer a Patriot air defense system soon.

The Netherlands provides Ukraine with €200M in aid, and Romania will transfer a Patriot air defense system soon. The Prime Minister of the Netherlands, Dick Schoof, during his visit to Zaporizhzhia, announced a new aid package for Ukraine worth more than €200M, mainly focused on the protection and repair of the ...

Experts name promising agricultural production areas for Ukraine to explore in the African market.

Experts name promising agricultural production areas for Ukraine to explore in the African market. Experts from the state company Ukrainian-African Trade Mission, founded by the Ministry of Agricultural Policy, believe that the strategic measure of Ukrainian growing and processing technologies and ...

How do grants help the Ukrainian military tech industry to grow?

How do grants help the Ukrainian military tech industry to grow? The SkyLab UA company used a Brave1 defense technology cluster grant to implement airless wheels in the Sirko-S1 ground multifunctional robotic complex. The complex can be used for reconnaissance, eva...

Monday, September 2

In August, the Ukrainian budget received $8.4B in external support, and 65% of the funds do not have to be repaid.

In August, the Ukrainian budget received $8.4B in external support, and 65% of the funds do not have to be repaid. In August, the state budget’s general fund received about $8.4B in external financing. As noted by the Ministry of Finance, $5.5B comprised grants (65%), and $2.9B arrived through preferential f...

Why is successful debt restructuring so important for Ukraine?

Why is successful debt restructuring so important for Ukraine? The debt restructuring agreement that was reached with creditors is a very important step that demonstrates the creditors understand Ukraine’s needs, said ex-Minister of Finance of Ukraine Natal...

The US policy on limiting Russia will remain the same before the election.

The US policy on limiting Russia will remain the same before the election. If radical steps are taken, an economic recession in Russia may occur in a year, says Yury Horodnichenko, a University of California, Berkeley professor. For this to take place it is necessary to shut...

Belgium will allocate €150M to rebuild the Kyiv and Chernihiv regions, and Japan is preparing another grant aid project for Ukraine.

Belgium will allocate €150M to rebuild the Kyiv and Chernihiv regions, and Japan is preparing another grant aid project for Ukraine. The Ministry of Infrastructure of Ukraine and the Belgian development agency Enabel signed memorandums of cooperation in the rebuilding of social and energy infrastructure in Kyiv and the Kyiv and Che...

Production of German Vector drones has been launched in Ukraine.

Production of German Vector drones has been launched in Ukraine. German UAV manufacturer Quantum-Systems launched a factory that will produce Vector unmanned systems for the Armed Forces of Ukraine in the spring. Currently, the drones are assembled from components ...

Ukraine will prepare a controlled arms export concept that will generate $2B in a year and a half.

Ukraine will prepare a controlled arms export concept that will generate $2B in a year and a half. A working group of parliament members and defense industry representatives will develop a concept for the controlled export of military products during the war. “Now the issue of scaling up prod...

For the first time, an industrial park will receive ₴150M in grant funds for infrastructure development through state support.

For the first time, an industrial park will receive ₴150M in grant funds for infrastructure development through state support. The Ministry of Economy reports that the first industrial park in Dnipro received funding under a state program to stimulate industrial park development within the framework of the Made in Ukraine ini...

Friday, August 30

The war has stimulated several growth stages in the Ukrainian road transport market.

The war has stimulated several growth stages in the Ukrainian road transport market. Before the war, Ukraine exported raw materials and goods in the cheapest way – by sea. However, the blocking of Ukraine’ seaports forced exporters to switch to road transport. The industry’...

Over 97% of Eurobond holders support Ukraine’s restructuring planthat will save the country $11.4B.

Over 97% of Eurobond holders support Ukraine’s restructuring planthat will save the country $11.4B. The Ministry of Finance of Ukraine said that 97.38% of holders of $20.47B ($24.3B including interest) in Eurobonds support the restructuring agreement, exceeding the required two-thirds threshold. &#...

The State Statistics Service has named the most profitable and unprofitable industries in the first half of 2024.

The State Statistics Service has named the most profitable and unprofitable industries in the first half of 2024. The profits earned by Ukrainian large and medium-sized enterprises increased by 49.7% in the first half of 2024 compared to the corresponding period last year, to ₴619.6B, the State Statistics Service...

Thursday, August 29

Ukraine has invested $7B in its defense sector, and its allies are purchasing domestically produced equipment for the Ukrainian Armed Forces.

Ukraine has invested $7B in its defense sector, and its allies are purchasing domestically produced equipment for the Ukrainian Armed Forces. “Together with the government, the MoD has invested more than $7B in the defense industry. These investments provided us with enormous support when we were not receiving international technical ...

Ukraine has stopped servicing GDP warrants and some other external obligations.

Ukraine has stopped servicing GDP warrants and some other external obligations. The Cabinet of Ministers adopted a resolution suspending the servicing of Ukraine’s obligations to several creditors under loans and Eurobonds and obligations under GDP warrants. In particular, ...

Ukraine is preparing a negotiation plan for joining the EU.

Ukraine is preparing a negotiation plan for joining the EU. The Cabinet of Ministers adopted a resolution that provides for the creation of an Interdepartmental Working Group to ensure a successful negotiation process for Ukraine’s accession to the EU an...

Inflation in Ukraine will begin to grow – prices will rise in the fall.

Inflation in Ukraine will begin to grow – prices will rise in the fall. According to the State Statistics Service, zero inflation growth was recorded in Ukraine in July, but economists believe it will be different in August and the following months. The situation is unbal...

Britain supports Ukraine’s strikes with long-range missiles but is afraid of creating tension with the US.

Britain supports Ukraine’s strikes with long-range missiles but is afraid of creating tension with the US. Britain supports the idea of Ukraine using Storm Shadow missiles to strike targets in the Russian Federation but will not publicly call for this step because of the risk of a conflict with the US. A...

Romania wants to buy a Moldovan port on the border with Ukraine from the EBRD to create a center for post-war reconstruction.

Romania wants to buy a Moldovan port on the border with Ukraine from the EBRD to create a center for post-war reconstruction. The Romanian government will establish a working group to start negotiations with the European Bank for Reconstruction and Development to acquire the International Free Port of Giurgiulesti (PILG) on ...

Energoatom plans to build a new nuclear power plant with four power units in the Cherkasy region.

Energoatom plans to build a new nuclear power plant with four power units in the Cherkasy region. According to the National Nuclear Energy Generating Company Energoatom, the team is actively looking for sites to construct the NPP. The most promising of them is Chigyrinskyi, near the town of Orbita...

Wednesday, August 28

This year, the defense-industrial complex and mechanical engineering goods expect increased production output.

This year, the defense-industrial complex and mechanical engineering goods expect increased production output. Although the Ukrainian foundry industry has lost approximately 50% of its capacity since the beginning of the war, and the existing enterprises are operating at 30-50% capacity, the industry continues...

Ukraine’s agricultural sector generates 19% of the country’s GDP, exports 70% of its products, and can feed 400 million people.

Ukraine’s agricultural sector generates 19% of the country’s GDP, exports 70% of its products, and can feed 400 million people. In 2010-2021, the Ukrainian agricultural sector made a significant leap in development, employing 17% of Ukrainians who produce 19% of GDP, with 70% of its products exported, which is one of the highe...

How has Ukrainians’ material situation changed during the 2.5 years of the war?

How has Ukrainians’ material situation changed during the 2.5 years of the war? According to analysts, in 2021 more than 35% of Ukrainians considered their well-being terrible, 47% rated it as average, and 13.9% called it good. In 2022, 9.6% of citizens were satisfied with their ...

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