Economy

Friday, May 24

How will land prices in Ukraine grow?

How will land prices in Ukraine grow? The growth in Ukraine’s agricultural land prices over the next five years will be no more than 100%, according to Dmytro Skornyakov, CEO of HarvEast. “As long as land in Ukraine is a means of pr...

Despite the war, Canadian companies are investing tens of millions of dollars in new projects in Ukraine.

Despite the war, Canadian companies are investing tens of millions of dollars in new projects in Ukraine. Vice-President of the Canadian-Ukrainian Trade Association Yuriy Kryvoshey said, in 2023 Canada’s foreign direct investment in the Ukrainian economy amounted to $61.8M. Fairfax Financial Holding...

Thursday, May 23

Sweden will provide Ukraine with $7B in military support over three years.

Sweden will provide Ukraine with $7B in military support over three years. The government of Sweden has reached an agreement with the pro-government party, Sweden Democrats on a program that will provide a total of SEK 75B ($7.01B) in additional military support to Ukraine o...

The Ministry of Economy of Ukraine estimates GDP growth in April to be 4.3%.

The Ministry of Economy of Ukraine estimates GDP growth in April to be 4.3%. In April 2024, Ukraine’s GDP growth compared to April last year was about 4.3%. For January-April, the economic department noted that the growth is estimated at the level of 4.4% compared to the...

Ukraine is increasing its exports of delicacies to Europe: Which countries buy the most?

Ukraine is increasing its exports of delicacies to Europe: Which countries buy the most? Despite the war and difficulties with transportation, Ukrainian snails are in demand in the European market. The snail business in Ukraine is not new; exports are increasing yearly, and farms are star...

Japan will help Mykolaiv process waste from the war’s destruction; the city is looking for investors to build an asphalt plant.

Japan will help Mykolaiv process waste from the war’s destruction; the city is looking for investors to build an asphalt plant. Mykolaiv will cooperate with the Japanese International Cooperation Agency (JICA) to recycle construction debris that has resulted from shelling, said Mykolaiv’s mayor, Oleksandr Sienkevych. ...

Ukraine will resume the search for investors for its port infrastructure.

Ukraine will resume the search for investors for its port infrastructure. The State Property Fund (SPFU) plans to resume the privatization of the port infrastructure on the Danube and is preparing to put a facility currently used as a dry port up for sale, said the head of ...

In November, a factory capable of processing up to 13 000 tons of industrial hemp will be launched in the Zhytomyr Region.

In November, a factory capable of processing up to 13 000 tons of industrial hemp will be launched in the Zhytomyr Region. Ma’Rijany Hemp Company plans to launch a plant for the primary processing of raw hemp materials (reeds) into long fiber (used to produce textiles, eco-building materials, etc.) in the Zhytomyr r...

How do forced power outages affect the Ukrainian military industry?

How do forced power outages affect the Ukrainian military industry? Power outages in Ukraine caused by Russian shelling not only create discomfort for the civilian population but also complicate the production of weapons, writes the New York Times. This slows producti...

Wednesday, May 22

Economic experts have identified dangerous economic trends in Ukraine.

Economic experts have identified dangerous economic trends in Ukraine. In the last four months, Ukraine exported goods worth $13.5B, the same as last year. Ukraine rapidly increased the physical volume of exports from 36 to 49 million tons against significantly lower wor...

Real GDP growth slowed in Ukraine due to Russian attacks on the energy system.

Real GDP growth slowed in Ukraine due to Russian attacks on the energy system. The growth rate of real GDP in Ukraine has slowed down somewhat. The key problem is reduced access to a constant electricity supply and sufficient amounts of electricity. According to the IER, GDP in ...

The State Property Fund announces a new strategy for the use of state lands.

The State Property Fund announces a new strategy for the use of state lands. The Ukrainian state owns about 800,000 hectares of land, and almost half of it is currently at the disposal of the State Property Fund of Ukraine (SPFU). Currently, the fund has ownership of 386,000 h...

The US Treasury requires European banks to strengthen monitoring of compliance with sanctions against the Russian Federation.

The US Treasury requires European banks to strengthen monitoring of compliance with sanctions against the Russian Federation. Heads of European banks should intensify their efforts to implement measures that are designed to stop Russia’s attempts to circumvent sanctions, US Treasury Secretary Janet Yellen said. She not...

Tuesday, May 21

Exports through the Ukrainian Sea corridor have become easier with the participation of more insurance companies.

Exports through the Ukrainian Sea corridor have become easier with the participation of more insurance companies. The export of Ukrainian grain through the Black Sea has been simplified by the increasing number of insurance companies operating in this market, said Oleg Kiper, the head of the Odesa Regional State ...

Bank lending to businesses continues to grow in Ukraine.

Bank lending to businesses continues to grow in Ukraine. Banks have been increasing corporate lending for three quarters in a row, according to the Review of the Banking Sector for the first quarter. It is noted that the demand for business loans outside th...

Ukraine is transforming the housing market, relying on the EU’s experience.

Ukraine is transforming the housing market, relying on the EU’s experience. Ukraine wants to provide tax incentives for social housing operators and develop an effective mechanism for establishing rental rates, said the head of the Parliamentary Committee on Urban Planning, O...

Monday, May 20

Piraeus Bank Executive: Ukraine’s banking system has shown outstanding resiliency, and international businesses should take note. The Ukrainian Banking Day in London gathered 150 finance executives from all over the world to listen to their colleagues who work in Ukraine and share their views on the financial sector’s cur...

Kyiv has offered Argentina and Chile a free trade agreement, participation in reconstruction, and investment opportunities in Ukraine.

Kyiv has offered Argentina and Chile a free trade agreement, participation in reconstruction, and investment opportunities in Ukraine. Following visits by Minister of Economy Yuliya Svyrydenko to Argentina and Chile, she confirmed a common interest in investment and the conclusion of bilateral agreements on free trade. “Pharmac...

One of Ukraine’s regions will be rebuilt according to the concept of a blue economy.

One of Ukraine’s regions will be rebuilt according to the concept of a blue economy. Projects in Mykolaiv are being developed to make the city a center of the blue economy during the post-war reconstruction, said Mayor Oleksandr Sienkevych at the Blue Summit. As he explained, the blue...

Friday, May 17

Turkey helped Russia earn €3.1B from the export of petroleum products to the EU.

Turkey helped Russia earn €3.1B from the export of petroleum products to the EU. Last year, Turkey became the world’s largest buyer of Russian oil products, reported CSD and CREA analysts. In their view, Turkey has become a strategic transshipment point for Russian oil produ...

Over 2600 foreign businesses have opened in Ukraine since the start of the full scale war.

Over 2600 foreign businesses have opened in Ukraine since the start of the full scale war. Most often, citizens of Turkey, Uzbekistan, Poland, and the US have incorporated new businesses, Opendatabot notes. However, citizens from 100 countries have invested money in Ukraine during the war. ...

During the two years of war, Poland’s economy has become critically dependent on Ukrainian refugees.

During the two years of war, Poland’s economy has become critically dependent on Ukrainian refugees. Since 2022, European countries have provided asylum for more than six million Ukrainian refugees, which has had a great impact on the EU economy. Even though 90% of forced migrants are women with chil...

A company from the UAE is investing €130M in logistics infrastructure in Romania, which is crucial for Ukraine.

A company from the UAE is investing €130M in logistics infrastructure in Romania, which is crucial for Ukraine. Dubai-based port operator and logistics company DP World is investing €130M to connect Romania to the rest of Europe through sea and land trade routes and increasing cargo volumes by two million tons ...

Ukraine buys equipment, chemicals, and fuel from China and Poland and sells food and metals to them.

Ukraine buys equipment, chemicals, and fuel from China and Poland and sells food and metals to them. In the four months of 2024, Ukraine’s trade turnover reached $35.3B (import – $21.9B, export – $13.4B). Taxed imports amounted to $19B (87% of the total volume of imported goods). Ukraine ...

Austria created a €500M special fund to support businesses that export to Ukraine.

Austria created a €500M special fund to support businesses that export to Ukraine. The Ministry of Finance of Austria opened a special €500M credit fund in the Austrian Control Bank (OeKB) to support export operations with Ukraine during the next five years. “Russia has been a...

Thursday, May 16

Ukraine’s allies plan to introduce sanctions against banks that help the Russian Federation.

Ukraine’s allies plan to introduce sanctions against banks that help the Russian Federation. France and the Netherlands are pushing for EU sanctions against any bank in the world that helps the Russian military pay for weapons, goods, or technology. The proposal is being discussed as part of ...

The EBRD predicts a slowdown in the Ukrainian economy’s growth.

The EBRD predicts a slowdown in the Ukrainian economy’s growth. According to an EBRD forecast, Ukraine’s economy will grow by 3% in 2024 and by 6% in 2025. This pace is lower than the 5.3% rise in 2023 following a sharp drop in 2022 caused by the Russian inv...

In 2024, Ukraine registered a record number of industrial parks.

In 2024, Ukraine registered a record number of industrial parks. The government registered nine new parks in the first quarter of 2024, equal to the number registered in all of 2022 and exceeding 2021’s figure for 2021, when seven parks were registered. In addition...

Military risk insurance is now provided by almost all Ukrainian insurers.

Military risk insurance is now provided by almost all Ukrainian insurers. More and more Ukrainian insurers are offering protection against war risk, and their number is is almost equal to the entirety of the active insurance market, about 50 companies, said the director of ...

Tobacco company Philip Morris International has opened a new $30M factory in the Lviv region.

Tobacco company Philip Morris International has opened a new $30M factory in the Lviv region. The first production line at the new factory was launched in May, and four more will be put into operation by the end of the year, which will increase the factory’s production capacity to 10 billion c...

Metinvest is resuming investment and will focus on green metallurgy during Ukraine’s reconstruction.

Metinvest is resuming investment and will focus on green metallurgy during Ukraine’s reconstruction. After the war, Metinvest will produce green steel at modernized production facilities that reduce the environmental burden, said the company’s top manager, Oleksandr Myronenko. With the start of...

The housing rental market has slowed amid news from the front.

The housing rental market has slowed amid news from the front. According to the DIM.RIA marketplace, due to the uncertain situation at the front, the rental market and the purchase and sale of apartments are currently in limbo. Rental market offers have fallen si...

Wednesday, May 15

The NBU predicts that consumer price growth will accelerate moderately in the coming months,

The NBU predicts that consumer price growth will accelerate moderately in the coming months, although in April, it was lower than the regulator predicted. “The deviation from the forecast was provided by the dynamics of little-forecasted factors of a temporary nature, first of all, a sh...

Ukraine must pay $25.2B to service debt this year.

Ukraine must pay $25.2B to service debt this year. The Ministry of Finance has preliminarily estimated that in 2024 Ukraine will have to pay more than ₴1T ($25.2B) as part of its repayment and servicing of state debt. As of May 1, the total amount of ...

For the first time, international insurance broker WTW will cover war risks of goods transported by land in Ukraine.

For the first time, international insurance broker WTW will cover war risks of goods transported by land in Ukraine. For the first time since the start of the full-scale war, Nasdaq-listed global insurance broker WTW has announced the launch of war risk insurance for overland cargo in Ukraine in partnership with Ukr...

A company from Kherson bought Dragon Capital’s largest warehouse for over $35M.

A company from Kherson bought Dragon Capital’s largest warehouse for over $35M. Dragon Capital sold its Amtel warehouse complex in the Kyiv region. The buyer was Histion from Kherson, whose founders are entrepreneurs Oleg Lebedenko and Gennadiy Girin, who own the New Style door f...

Tuesday, May 14

The EU has finally prolonged duty-free trade with Ukraine, but with safeguards.

The EU has finally prolonged duty-free trade with Ukraine, but with safeguards. The EU Council approved the extension of preferential trade with Ukraine for another year until June 5, 2025. In contrast to similar decisions in previous years, this year the EU decided to continue d...

The EU will introduce sanctions against Russia’s LNG, hitting Moscow and its Asian partners.

The EU will introduce sanctions against Russia’s LNG, hitting Moscow and its Asian partners. In the next package of sanctions against Russia, the EU seeks to ban the use of its ports for the re-export of liquefied natural gas. As Bloomberg points out, although blocking access will not prevent...

How privatization drives investment into the economy: the government’s response.

How privatization drives investment into the economy: the government’s response. The privatization of state-owned enterprises allows the state not only to receive one-time income from sales but also acts to attract investment to develop these enterprises. Thus, for every ₴1 receiv...

An international furniture retailer is expanding its network in Ukraine and has increased purchases from Ukrainian manufacturers by 100%.

An international furniture retailer is expanding its network in Ukraine and has increased purchases from Ukrainian manufacturers by 100%. The JYSK international furniture chain opened a new store in Kyiv’s Nyvky shopping center. The new store is on the basement floor and occupies 1,019 square meters of retail space plus a 210-square-met...

Last year, Ukraine’s export of agricultural products to the EU decreased by 27.5%.

Last year, Ukraine’s export of agricultural products to the EU decreased by 27.5%. According to Eurostat data, the total value of Ukrainian agricultural goods imported by the EU in 2023 decreased compared to 2022 by 27.5%, or by €3.6B, to €9.5B. As a result, Ukraine’s share among EU...

Poland’s decision to return men of military age to Ukraine may hurt the Polish economy.

Poland’s decision to return men of military age to Ukraine may hurt the Polish economy. As Forbes writes, such actions may lead to thousands of Ukrainians living in Poland leaving the country. It is noted that of the more than one million Ukrainians who have gone to Poland since the begi...

Monday, May 13

The EIB will provide up to €30M to support Ukrainian business: what other support programs are available to Ukraine?

The EIB will provide up to €30M to support Ukrainian business: what other support programs are available to Ukraine? The Government of Ukraine has allowed two Ukrainian banks to borrow up to €30M from the European Investment Bank to further support Ukrainian small and medium-sized businesses by improving preferentia...

The government calls on businesses to prepare investment projects to receive funding from the EU.

The government calls on businesses to prepare investment projects to receive funding from the EU. Economy Minister Yuliya Svyrydenko called on Ukrainian businesses to prepare investment projects to use the Ukraine Investment Framework investment attraction tool. At the second International Summit ...

Ukraine has already exported 45 million tons of goods by sea, and revenue from the export of metal products has increased by 16.5%, reaching $1B.

Ukraine has already exported 45 million tons of goods by sea, and revenue from the export of metal products has increased by 16.5%, reaching $1B. About 1,600 ships exported 45 million tons of cargo from the ports of Odesa during the almost nine months of the Ukrainian Sea Corridor’s operation. In particular, 38 countries received more than 30 m...

How has trade between Ukraine and Germany developed since the beginning of the Russian aggression?

How has trade between Ukraine and Germany developed since the beginning of the Russian aggression? In 2023, Germany became the third ($4.9B) largest exporter of goods to Ukraine and the fifth ($2B) largest importer of Ukrainian goods. Last year, exports to Germany recovered compared to 2022’s level...

Friday, May 10

Ukraine’s accession to the EU will solve the food problem and stimulate the development of the bloc’s economy.

Ukraine’s accession to the EU will solve the food problem and stimulate the development of the bloc’s economy. Portuguese Foreign Minister Paulo Rangel said that Ukraine’s accession to the EU will solve the food problem and “is of fundamental importance” for his country. He also explained tha...

Ukraine has proposed three initiatives to attract EU funds to strengthen its defense industry.

Ukraine has proposed three initiatives to attract EU funds to strengthen its defense industry. Minister of Strategic Industry Oleksandr Kamyshin said that Ukraine seeks to attract additional funds from the EU to strengthen its arms industry and implement additional production facilities unrelat...

How big is the national debt, and how much do Ukrainians owe?

How big is the national debt, and how much do Ukrainians owe? According to the Ministry of Finance data, the state’s and state-guaranteed debt as of April 1, 2024, amounts to ₴5.9T ($149B). Since 2020, this amount has increased significantly, mostly due to the f...

Ukrainian Kormotech conquers the world market; how and where is the company growing?

Ukrainian Kormotech conquers the world market; how and where is the company growing? In 2023, Kormotech increased the ratio of pet food sales between exports and the Ukrainian market to 31% versus 69% in tons and 27% versus 73% in sales revenue. At the same time, the growth in the Ukr...

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