Economy

Thursday, June 20

The EU’s 14th package of Russian sanctions targets shadow tankers, exports of liquefied gas, and dozens of people who support the war.

The EU’s 14th package of Russian sanctions targets shadow tankers, exports of liquefied gas, and dozens of people who support the war. The EU will introduce restrictions on 20 individuals and 22 legal entities in the latest package of sanctions against Russia. The EU has already issued 13 sanctions packages on Russia following its fu...

American defense giant Northrop Grumman will launch ammunition production in Ukraine.

American defense giant Northrop Grumman will launch ammunition production in Ukraine. The American defense corporation Northrop Grumman plans to create production facilities for medium-caliber ammunition in Ukraine. This results from a state-funded Ukrainian government project and appr...

The pharmaceutical industry seeks to attract hundreds of millions of dollars of investment.

The pharmaceutical industry seeks to attract hundreds of millions of dollars of investment. The volume of foreign investment in the production of pharmaceutical products in Ukraine is estimated to be at least several hundred million dollars, according to the Ministry of Economy of Ukraine. I...

A new maritime industrial park is planned to be opened in Mykolaiv that will bring the city ₴180M in tax revenue.

A new maritime industrial park is planned to be opened in Mykolaiv that will bring the city ₴180M in tax revenue. One of the basic components of Mykolaiv’s post-war reconstruction is the creation of a marine industrial park. This project was presented through the Measures for Economic Growth program, financed by ...

Wednesday, June 19

Rheinmetall wants to produce a hybrid tank and anti-aircraft defense in Ukraine to increase the air defense effectiveness for ground forces.

Rheinmetall wants to produce a hybrid tank and anti-aircraft defense in Ukraine to increase the air defense effectiveness for ground forces. According to Bild, Rheinmetall has integrated a 35mm Skyranger short range air defense turret onto a Leopard tank chassis, rather than the original Skynex mobile, modular anti-aircraft artillery syste...

Ukraine’s Glovo delivery service grew by 23% from its pre-war indicators, and the Spanish company plans to continue investing.

Ukraine’s Glovo delivery service grew by 23% from its pre-war indicators, and the Spanish company plans to continue investing. The company reestablished the business volumes it recorded before the full-scale invasion by the Russian Federation by November 2022, the co-founder of the service, Sasha Misho, and the Director of Gl...

Japan will provide $188M in grants to Ukrainian businesses and hold a conference on demining Ukraine.

Japan will provide $188M in grants to Ukrainian businesses and hold a conference on demining Ukraine. The Ministry of Economy and the United Nations Industrial Development Organization (UNIDO) has launched a project to transfer Japanese technologies to Ukraine, which Japan will fund. As part of the in...

The EBRD will finance 50% of the merger between Ukrainian telecom operators.

The EBRD will finance 50% of the merger between Ukrainian telecom operators. The EBRD will provide $217.5M, half of the $435M allocated jointly with the IFC, to finance the creation of a combined company, Datagroup-Volya and Lifecell, following the completion of the purchase a...

Germany employed only 16% of the Ukrainian refugees it planned to achieve in seven months.

Germany employed only 16% of the Ukrainian refugees it planned to achieve in seven months. German Minister of Labor Hubertus Heil launched the Jobturbo program in the fall of 2023 to integrate migrants who can obtain asylum in the country into the German labor market as quickly as possible....

Tuesday, June 18

Ukraine took fourth place in the world’s ranking of arms importers; Europeans are also arming themselves against the background of war.

Ukraine took fourth place in the world’s ranking of arms importers; Europeans are also arming themselves against the background of war. During the period from 2019-2023, Ukraine became the largest arms importer in Europe and ranked fourth in the world, according to information from the Stockholm International Peace Research Institute ...

The number of stores in Ukraine increased in the beginning of the year; retail follows internal migrants.

The number of stores in Ukraine increased in the beginning of the year; retail follows internal migrants. As Retail & Development Advisor stated, the number of stores operating in Ukraine in January-March 2024 exceeded 18,000, which is 4% more than in the first quarter of 2023. “The return of ou...

Where do companies with foreign investment work in Ukraine?

Where do companies with foreign investment work in Ukraine? The Unified State Register of Legal and Individual Entrepreneurs contains information on 2,903 companies with foreign capital registered in Kyiv and 800 in the Lviv region. Many companies with foreign...

Metallurgy and energy: key investments of Ukrainian business in the EU.

Metallurgy and energy: key investments of Ukrainian business in the EU. The total amount of Ukrainian investment in Poland has already reached more than €1B, while last year, more than 300 Ukrainian companies started operating in Romania. In general, businesses from Ukrai...

Wholesale trade leaders increased their revenues by 17%.

Wholesale trade leaders increased their revenues by 17%. In 2023, the leading wholesale trade companies earned more than ₴535B, 17% more than the leaders in 2022. The Kernel Trade company leads the revenue list for the third year in a row despite a decrease...

Ukraine is already attracting migrants for construction jobs; the country’s working population has decreased by 40%.

Ukraine is already attracting migrants for construction jobs; the country’s working population has decreased by 40%. There is a severe shortage of workers in the Ukrainian construction industry, with the deficit reaching 30-40%, which is why Ukrainian companies are starting to attract migrants for work. It is report...

Monday, June 17

The G7 officially announced a $50B loan secured by Russian assets for Ukraine.

The G7 officially announced a $50B loan secured by Russian assets for Ukraine. Following the summit, the G7 leaders adopted a declaration outlining the details of the mechanism through which Ukraine will receive up to $50B in aid secured by frozen Russian assets. The leaders of ...

Odesa aims to become the largest logistics center in the Black Sea region.

Odesa aims to become the largest logistics center in the Black Sea region. The head of the Odesa military administration, Oleg Kiper, said during the Black Sea Security Forum that because of the inaccessibility of ports in other regions of Ukraine, Odesa has become the sole ...

Friday, June 14

Ukraine’s demand for housing in new buildings reaches only 35% of the pre-war level.

Ukraine’s demand for housing in new buildings reaches only 35% of the pre-war level. The demand for housing in new construction in Ukraine is approximately 35% of the pre-war level, but in some western regions, it has increased by 50%, according to the GAZDA construction company. It i...

The DFC will help Ukraine to develop an affordable housing market.

The DFC will help Ukraine to develop an affordable housing market. The Ministry of Economy, the American International Development Finance Corporation (DFC), and Citibank signed a memorandum on the development of the mortgage lending market in Ukraine. The Minister o...

Thursday, June 13

The EIB is strengthening its support for Ukraine’s recovery and economic development.

The EIB is strengthening its support for Ukraine’s recovery and economic development. The European Investment Bank has announced several support programs at URC2024 in Berlin. The EIB Group is preparing two programs to restore Ukraine’s housing stock. The first is a €230M initiat...

Should Ukraine open its land market for EU citizens?

Should Ukraine open its land market for EU citizens? According to Dmytro Lyvch, co-founder of the Center for Economic Recovery, allowing EU citizens and legal entities to enter the Ukrainian land market will benefit both foreigners and Ukrainians. This ...

The EC forecasts Ukraine’s GDP growth to be 6.2%, subject to the implementation of the Ukraine Plan for the Ukraine Facility program.

The EC forecasts Ukraine’s GDP growth to be 6.2%, subject to the implementation of the Ukraine Plan for the Ukraine Facility program. This forecast was shared by Marlene Madsen, a top European Commission official, during URC2024 in Berlin. According to her, the selection and schedule of crucial reforms are very important. Emphasis s...

The World Bank maintains Ukraine’s economic growth forecast for the current year and provides $109M in grant funding.

The World Bank maintains Ukraine’s economic growth forecast for the current year and provides $109M in grant funding. The World Bank predicts the growth of the Ukrainian economy to be 3.2% in 2024, according to the bank’s June report, Global Economic Prospects 2024. In January, the forecast was identical. The b...

Ukraine and more than 30 international partners have created the Small and Medium Business Sustainability Alliance and will contribute more than €7B.

Ukraine and more than 30 international partners have created the Small and Medium Business Sustainability Alliance and will contribute more than €7B. In particular, Austria, Canada, Estonia, Germany, Japan, Luxembourg, the Netherlands, Norway, Spain, Switzerland, Britain, the EU, the World Bank, USAID, The Council of Europe Development Bank, the EB...

The EC will create an equity fund to promote Ukraine’s recovery.

The EC will create an equity fund to promote Ukraine’s recovery. German Chancellor Olaf Scholz reported that his country and its European partners are already defining decisive guidelines and essential prerequisites for Ukraine’s successful recovery. “Recover...

The world’s largest insurance broker announced an unprecedented $350M war risk insurance program in Ukraine.

The world’s largest insurance broker announced an unprecedented $350M war risk insurance program in Ukraine. Insurance company Aon announced the launch of an $350M war risk insurance program in Ukraine during URC2024. It is designed to simplify Ukraine’s attraction of foreign investment during the war....

The US special representative for Ukraine’s economic recovery explains why foreign businesses should invest in Ukraine.

The US special representative for Ukraine’s economic recovery explains why foreign businesses should invest in Ukraine. Despite the war, Ukraine has great potential for foreign investment right now, backed by security guarantees from the West, US Special Representative for Ukraine’s Economic Recovery Penny Pritzker sai...

Retail is gaining momentum: Turnover in 2023 exceeded pre-war figures by ₴100B.

Retail is gaining momentum: Turnover in 2023 exceeded pre-war figures by ₴100B. Unlike in 2022, when companies’ income significantly decreased due to Russia’s occupation of large areas of Ukraine, looting, shelling, constant air strikes, and blackouts, last year Ukrainian r...

Wednesday, June 12

The Ukrainian parliament says that the government is preparing to raise taxes.

The Ukrainian parliament says that the government is preparing to raise taxes. Chairman of the Verkhovna Rada Committee on Finance Danylo Hetmantsev said that the Cabinet of Ministers is preparing proposals to raise certain taxes. This is because the Ministry of Defense needs an...

Russia wants to seize and share $10-12T of mineral deposits in Ukraine and share them with China.

Russia wants to seize and share $10-12T of mineral deposits in Ukraine and share them with China. American Republican Senator Lindsey Graham said that the US should contribute to Ukraine’s victory in the war to prevent the Russian Federation, together with China, from gaining access to impor...

UDP plans to build a shipbuilding industrial park.

UDP plans to build a shipbuilding industrial park. The Ukrainian Danube Shipping Company (UDP) wants to create a modern industrial park in Kiliya using its ship repair facility as a foundation. The company believes that the UDP plant in Kiliya is one ...

The EU will provide Ukraine with €517M in reconstruction funding through EBRD programs.

The EU will provide Ukraine with €517M in reconstruction funding through EBRD programs. The EU will guarantee €140M for the EBRD Financial Inclusion Recovery Program. At the same time, the bloc will offer €30M in blended grants and €7M in technical assistance under the wartime SME financ...

Tuesday, June 11

How is the retail market in Ukraine doing in the third year of the war?

How is the retail market in Ukraine doing in the third year of the war? Comfy, one of Ukraine’s largest retailers of household appliances and electronics, continues to scale its business. The retailer opened its first store in Berdychiv (Zhytomyr Region) with a tota...

Epicentr continues to invest in Ukraine: The company will complete five shopping and entertainment centers and a logistics complex.

Epicentr continues to invest in Ukraine: The company will complete five shopping and entertainment centers and a logistics complex. The Epicentr K hypermarket chain plans to construct five shopping centers and a large logistics complex in Khmelnytskyi this year. The terms for putting these facilities into operation will depend on ...

European companies are interested in Ukraine and are not planning to leave the market.

European companies are interested in Ukraine and are not planning to leave the market. Many German companies operating in Ukraine are planning new investments despite the war, and only 8% of companies will curtail investment, according to the German-Ukrainian Chamber of Foreign Trade. A...

For the first time, a Ukrainian furniture exporter receives a financial guarantee for the transit of goods through 35 European countries.

For the first time, a Ukrainian furniture exporter receives a financial guarantee for the transit of goods through 35 European countries. The largest furniture exporter from Ukraine, the Accord company, became the first to take advantage of a new mechanism to issue financial guarantees for customs operations while transporting goods thr...

Monday, June 10

It is too early to talk about the state budget deficit in 2025, and the government is looking for additional funding.

It is too early to talk about the state budget deficit in 2025, and the government is looking for additional funding. Finance Minister Serhiy Marchenko said that it is too early to talk about the extent of next year’s budget deficit because everything will depend on the intensity of military operations. In addition, ...

The World Bank has provided Ukraine with $34B in direct budget support and will help modernize its housing policy according to EU standards.

The World Bank has provided Ukraine with $34B in direct budget support and will help modernize its housing policy according to EU standards. According to the Ministry of Finance, since the beginning of the full-scale invasion $34B in direct budget support has been obtained within the framework of World Bank mechanisms. In 2022-2023, five n...

Renewed visa-free trade with the EU has entered into force, and Ukraine is developing logistics on the western border.

Renewed visa-free trade with the EU has entered into force, and Ukraine is developing logistics on the western border. On June 6, autonomous trade measures came into effect in the EU, according to which all import duties and quotas for Ukrainian exports to the European market are suspended for one more year. However, ...

Friday, June 7

The National Bank has summarized the economic results for April-May.

The National Bank has summarized the economic results for April-May. Here are the leading indicators: Inflation in April remained the same as in March – 3.2% annually. This was facilitated by a drop in prices for raw food products and persistent inflationary expe...

UZ plans to build a gas generation plant with a capacity of 250 MW.

UZ plans to build a gas generation plant with a capacity of 250 MW. The state company Ukrainian Railways (UZ) plans to build gas power plants with a total capacity of 250 MW in various regions. UZ is among the five largest distribution companies in the country in term...

Thursday, June 6

The US demands long-term sanctions against the Russian Federation from the EU in exchange for $50B in aid for Ukraine.

The US demands long-term sanctions against the Russian Federation from the EU in exchange for $50B in aid for Ukraine. The US is demanding guarantees from the EU that sanctions against Russia will be maintained in order to implement a loan mechanism that will provide Ukraine with a $50B loan secured by profits from fr...

Ukraine’s state budget revenues have been decreasing for four months in a row.

Ukraine’s state budget revenues have been decreasing for four months in a row. In May 2024, the general fund of the state budget received ₴151.8B, which is less than in February, March, and April, the Ministry of Finance notes. According to the results from the five completed mo...

A Canadian manufacturer of armored vehicles is investing tens of millions of dollars in a new Ukrainian enterprise.

A Canadian manufacturer of armored vehicles is investing tens of millions of dollars in a new Ukrainian enterprise. According to Roman Shimonov, CEO of the Canadian Roshel company, the decision to open a company in Ukraine has already been made. The company expects to invest “tens of millions of dollars”...

Ukraine needs 3-4 window glass factories to rebuild the country.

Ukraine needs 3-4 window glass factories to rebuild the country. To have enough window glass for Ukraine’s restoration, it will be necessary to build three or four plants with a production capacity of 25 million square meters per year, said the President of the All...

Ukraine needs an external financing plan until 2027.

Ukraine needs an external financing plan until 2027. To overcome macroeconomic risks and maintain macroeconomic stability, Ukraine and its partners from the Donor Coordination Platform must develop a long-term strategy for external financing and support...

Wednesday, June 5

A third of Ukrainian industrial enterprises predict en increase in the selling prices of products, and 25% have increased production.

A third of Ukrainian industrial enterprises predict en increase in the selling prices of products, and 25% have increased production. Every third industrial enterprise expects to raise the selling prices of their goods in the next three months. At the same time, the dynamics of the corresponding expectations decreased compared to th...

Ukraine’s largest chicken producer sees its profits decrease by 67%, and losses from the war reach $10M.

Ukraine’s largest chicken producer sees its profits decrease by 67%, and losses from the war reach $10M. MHP Agroholding, in the first quarter of the year, earned $16M in net profit, which is less than a third of the result from the first quarter of 2023 ($49M), according to a report from the London Stoc...

Depression of Ukrainian manufacturers: Investment companies note the country’s shortage of investment projects.

Depression of Ukrainian manufacturers: Investment companies note the country’s shortage of investment projects. Ukrainian manufacturers do not want to attract investments because they focus on debt and cash flow, said Managing Director of Dragon Capital Mykhailo Granchak at the Grain Ukraine 2024 conference. Ac...

Four companies plan to invest at least $2.5B in Ukraine by 2026.

Four companies plan to invest at least $2.5B in Ukraine by 2026. Metinvest, OKKO, Terwin, and Vodafone plan to invest $300-600M each to develop their businesses in Ukraine during 2024-2025. OKKO says that they have been working on developments in the biofuel sector...

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