Economy

Tuesday, May 14

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...

Five waste processing plants in Transcarpathia will attract €152M in investment and create 600 jobs.

Five waste processing plants in Transcarpathia will attract €152M in investment and create 600 jobs. The large-scale project foresees building waste factories in Uzhhorod, Mukachevo, Khust, Tyachiv-Rakhiv, and Berehove districts. The corresponding memorandum of cooperation was signed by the Minister ...

Thursday, May 9

The growth rate of world trade will double this year: Who will benefit from this?

The growth rate of world trade will double this year: Who will benefit from this? International organizations predict that global trade growth should double this year as inflation eases and the booming US economy boosts activity. As the FT noted, the OECD, IMF, and World Trade Orga...

What grants are international partners offering to Ukrainian businesses?

What grants are international partners offering to Ukrainian businesses? In Ukraine, the DRG4Food competition continues to provide grants for the implementation of innovations in the food industry. Its main goal is to promote the development and testing of responsible data...

Due to the non-taxation of 40% of the grain harvest, Ukraine has lost billions of dollars.

Due to the non-taxation of 40% of the grain harvest, Ukraine has lost billions of dollars. Against the background of the war, Ukrainian farmers are resorting to “optimization” of grain taxation, which is why about 40% of the grain harvest avoids it altogether. Over the past two ...

Wednesday, May 8

Fears about Ukraine’s default were allayed in the Ukrainian parliament.

Fears about Ukraine’s default were allayed in the Ukrainian parliament. The WSJ reported the other day that some owners of Ukrainian Eurobonds want Ukraine to resume servicing its obligations starting next year, with up to $0.5B in interest payments annually. If the parti...

Ukraine is working on a free trade agreement with Turkey, which will abolish more than 90% of tariffs on industrial goods.

Ukraine is working on a free trade agreement with Turkey, which will abolish more than 90% of tariffs on industrial goods. The government has approved and submitted to the Ukrainian Parliament a draft law for the ratification of a free trade agreement between Ukraine and Turkey. The countries signed the agreement in Kyiv ...

The EU has prepared the 14th sanctions package on the Russian Federation, and LNG trade and the fight to close loopholes are under the spotlight.

The EU has prepared the 14th sanctions package on the Russian Federation, and LNG trade and the fight to close loopholes are under the spotlight. The European Commission sent the bloc’s countries a draft of the 14th package of sanctions to be levied against the Russian Federation, which targets the trade of liquefied gas. The concept is to ban ...

Real estate in the capital region fell by 7% amid uncertainty.

Real estate in the capital region fell by 7% amid uncertainty. The situation at the front affects the supply and demand for housing. In particular, the number of available properties has increased in Kyiv, but buyers are in no rush to acquire them. As a result, p...

Tuesday, May 7

Ukraine’s economic growth will slow to 3% this year, and the budget deficit will reach 20.7% of GDP.

Ukraine’s economic growth will slow to 3% this year, and the budget deficit will reach 20.7% of GDP. “The National Bank of Ukraine predicts that economic growth will slow to 3% in 2024 due to the loss of energy infrastructure and an expected electricity deficit of about 5%. In 2025-2026, GDP growth w...

The NBU has introduced its largest package of measures to ease FX restrictions.

The NBU has introduced its largest package of measures to ease FX restrictions. Most changes came into effect on May 4, but the ability to repatriate new dividends will begin on May 13, 2024. It is emphasized that these changes aim to improve the conditions for conducting busines...

Germany considers Ukraine attractive for business despite the war,

Germany considers Ukraine attractive for business despite the war, said the Minister of Economic Cooperation and Development of Germany, Svenja Schulze. She explained that production processes can still be carried out in a significant portion of the country, and the ...

The largest producer of building materials in North America and Europe has invested $80M in Ukraine during the war.

The largest producer of building materials in North America and Europe has invested $80M in Ukraine during the war. The CRH group of companies, the largest producer of construction materials in North America and Europe, has invested $80M in Ukraine since the full-scale invasion began, said the president of CRH in C...

Friday, May 3

The US has imposed sanctions against almost 300 Russian and foreign companies and private individuals for supporting the Russian war against Ukraine.

The US has imposed sanctions against almost 300 Russian and foreign companies and private individuals for supporting the Russian war against Ukraine. The list of Chinese companies, particularly, included Hong Kong’s Finder Technology Ltd, which exported 293 batches of parts for drones and electronics. Among the companies from the Russian Fede...

How Ukraine’s military economy will grow: the government’s forecast.

How Ukraine’s military economy will grow: the government’s forecast. Despite the war, the Ukrainian economy will grow by approximately 4.6% in 2024, although Russian missile attacks may worsen this indicator, said Minister of Economy Yulia Svyrydenko at the Kyiv Invest...

Effects from the war on small and medium-sized businesses in Ukraine have largely been overcome.

Effects from the war on small and medium-sized businesses in Ukraine have largely been overcome. Despite the war’s devastating impact, micro, small, and medium-sized enterprises have shown exceptional resilience, and after a brief shock from the Russian invasion, businesses have adapted to the ne...

The Ukrainian government has identified the most promising areas for investment and offers state support programs.

The Ukrainian government has identified the most promising areas for investment and offers state support programs. Last year, despite the war, foreign investors invested $4.25B in Ukraine’s economy, said Minister of Economy Yulia Svyrydenko. “The government, together with the private sector, has identi...

Ukraine is working on new housing modernization and studying the EU’s experience.

Ukraine is working on new housing modernization and studying the EU’s experience. The Ukrainian Parliament is studying the possibility of using European experience to solve the problem of its outdated housing stock – in particular, small-scale Khrushchevka apartment housing, ...

Germany is offering Ukrainian businesses up to €1M for eco-modernization of their production.

Germany is offering Ukrainian businesses up to €1M for eco-modernization of their production. The German Society for International Cooperation (GIZ) is launching a new grant program for Ukrainian businesses. Enterprises that want to implement their own production eco-modernization projects are...

Ukrainian imports and exports: Here are the main trends for the year.

Ukrainian imports and exports: Here are the main trends for the year. From April 1 to 25, the volume of exported goods was 10.5% higher, and the import of goods was 25.2% higher, than in the same period last year, according to the Ministry of Economy. Ukraine increased ...

Thursday, May 2

During the years of the war against Ukraine, revenues from the Russian Federation’s gas exports have decreased fourfold.

During the years of the war against Ukraine, revenues from the Russian Federation’s gas exports have decreased fourfold. The failed attempt to freeze Europe, which deprived Russia of a key natural gas sales market, has collapsed gas revenues in the Russian budget, say analysts from the Russian Gaidar Institute. Accordin...

The National Bank has indicated the presence of prerequisites for further reduction of the key policy rate.

The National Bank has indicated the presence of prerequisites for further reduction of the key policy rate. The NBU sees room for further discount rate reduction after its reduction to 13.5% on April 26, 2024. The condition for the next step is the preservation of favorable macro-financial trends. In partic...

The EBRD provides a guarantee to OTP Leasing to finance Ukrainian small and medium-sized enterprises.

The EBRD provides a guarantee to OTP Leasing to finance Ukrainian small and medium-sized enterprises. The guarantee will cover 50% of OTP Leasing’s new subleasing contracts with a total value of up to €80M. Financing will be provided in two tranches of €40M each, the first of which has already been co...

Ukrainian exports increase to a record level of more than 13 million tons monthly.

Ukrainian exports increase to a record level of more than 13 million tons monthly. Economy Minister Yuliya Svyrydenko noted that last month’s exports amounted to more than 13 million tons, surpassing the indicators from February 2022 and reaching $3.3B. April exports are the l...

What has been happening in Ukraine’s hotel real estate market during the war?

What has been happening in Ukraine’s hotel real estate market during the war? The rate of new hotel construction in Ukraine is higher today than in the pre-war years, but this activity is observed in only a few regions. The Ukrainian Association of Hotels and Resorts (UHRA) not...

Experts record an increase in home purchases made over time.

Experts record an increase in home purchases made over time. The share of home purchase agreements on installment terms reached 95% in March 2024, while the figure was 85% a year ago and 70% in the pre-war period, analysts from the DIM group of companies report...

The EU allocates millions of euros for new housing for internally displaced people in Volyn.

The EU allocates millions of euros for new housing for internally displaced people in Volyn. Construction of a new house for displaced persons has begun in Kovel with €4.8M in grant funds from the EU. The project plans to construct a five-story residential building with 70 apartments, with a ...

The construction business in Ukraine has the most optimistic expectations.

The construction business in Ukraine has the most optimistic expectations. According to a NBU survey, builders’ expectations are primarily related to the significant budget funding announced by the state for the restoration of infrastructure. Also, builders are counting on i...

Wednesday, May 1

Ukraine’s allies should introduce a duty on imported Russian goods to compensate Ukraine for war damages.

Ukraine’s allies should introduce a duty on imported Russian goods to compensate Ukraine for war damages. Partner countries should introduce a special duty on the import of Russian or Russian-related oil and other products and transfer the money to a compensation fund for damages caused to Ukraine, accord...

The first stage of currency liberalization announced by the National Bank will cost Ukraine $5.5B.

The first stage of currency liberalization announced by the National Bank will cost Ukraine $5.5B. However, the NBU says it will significantly expand business opportunities, improve the conditions for attracting investment and private capital participation in reconstruction, and, as a result, posit...

Europe has ended its dependence on Russian gas but is now hooked on Russian fertilizers.

Europe has ended its dependence on Russian gas but is now hooked on Russian fertilizers. After the invasion of Ukraine, the Russian Federation sharply reduced the supply of pipeline gas to the EU, in an attempt to put pressure on European governments. Instead, the EU began to build infras...

The US is considering a ban on Russian uranium but has temporarily allowed settlements in the energy sector with Russian banks.

The US is considering a ban on Russian uranium but has temporarily allowed settlements in the energy sector with Russian banks. The Biden administration is considering banning the import of enriched uranium from Russia. Bloomberg writes that negotiations are ongoing, but no decisions have been made yet. Data from the US Depart...

The export of agricultural products via the Black Sea corridor has reached pre-war levels.

The export of agricultural products via the Black Sea corridor has reached pre-war levels. After the Russian Federation withdrew from the Black Sea Grain Initiative last summer, 1,300 ships have carried 25 million tons of farm products through the temporary sea route created by Ukraine and ...

Global wheat prices dropped by 25%, and increased supply will continue to drive this trend.

Global wheat prices dropped by 25%, and increased supply will continue to drive this trend. According to the World Bank, global wheat and corn prices fell to three-year lows in the first quarter of 2024. As a result, global prices for corn and wheat decreased compared to the previous quarter...

Tuesday, April 30

The largest European banks increased their contributions to the Russian budget by 300%.

The largest European banks increased their contributions to the Russian budget by 300%. The largest European banks that are still operating in Russia paid more than €800M in Russian taxes in 2023, which is 300% more than before the start of the full-scale war. In particular, we are talki...

Leaders of Ukraine’s energy sector increased their revenues by 8%.

Leaders of Ukraine’s energy sector increased their revenues by 8%. The combined income of Ukraine’s top ten energy companies in 2023 amounted to almost ₴745.9B, 8% more than in 2022 (₴688.45B). Half of the companies in the top ten are state-owned, and four more...

Ukraine will auction its nationalized share of the Shell gas stations network.

Ukraine will auction its nationalized share of the Shell gas stations network. The Shell Oil Company is not the only potential buyer for the Shell-branded network of gas stations in Ukraine, which was recently nationalized. The State Property Fund of Ukraine announced that the n...

Demand for property insurance against war risk is growing in Ukraine.

Demand for property insurance against war risk is growing in Ukraine. Ukrainian companies are developing new directions for property insurance during the war, but there will be no payments in the event of weapons of mass destruction being used. Currently, the largest Uk...

In the first quarter, the Ukrainian land market’s capitalization increased by $5.1B.

In the first quarter, the Ukrainian land market’s capitalization increased by $5.1B. KSE Agrocenter analysts stated that this was primarily due to the opening of the market to legal entities on January 1 of this year. It is noted that the former “moratorium lands” are in t...

Ukrainian metallurgists call for an end to the import of Russian iron and replacing it with Ukrainian and EU goods.

Ukrainian metallurgists call for an end to the import of Russian iron and replacing it with Ukrainian and EU goods. The National Association of Extractive Industries of Ukraine (NADPU) called on the EU to take active measures to stop importing MMC products from the Russian Federation. It should be noted that the EU...

Ukraine’s energy mix is greener than the EU’s energy mix; Ukraine can help Europe with decarbonization.

Ukraine’s energy mix is greener than the EU’s energy mix; Ukraine can help Europe with decarbonization. The top manager of Metinvest, Andriy Kryl, noted that the Ukrainian and European metallurgical sectors face the same challenges. “We are talking about decarbonization, about the production of gr...

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