Economy

Monday, March 4

Ukraine’s budget revenue increased by 65% in February, and the gambling industry increased its tax payments by 370%.

Ukraine’s budget revenue increased by 65% in February, and the gambling industry increased its tax payments by 370%. The receipt of taxes, fees, and mandatory payments to the general fund of the state budget of Ukraine in February amounted to ₴184.8B, 65.4% more than in January, the Ministry of Finance reported. Rev...

The EU runs €90M worth of projects to help businesses operating in Ukraine, and the World Bank will join the program to provide affordable housing.

The EU runs €90M worth of projects to help businesses operating in Ukraine, and the World Bank will join the program to provide affordable housing. As the EU Delegation to Ukraine reported, since the beginning of the full-scale invasion, support for the Ukrainian economy from the EU has focused on helping small and medium-sized enterprises. Withi...

An industrial park will be built in the Poltava Region with at least $27M investment.

An industrial park will be built in the Poltava Region with at least $27M investment. The Smart Tech Industry Industrial Park has been included in the Register of Industrial Parks. On the park’s territory, which will be located on an area of more than 13 hectares in the Lubensky ...

Friday, March 1

Corporations only account for 10% of the land purchased in January sales.

Corporations only account for 10% of the land purchased in January sales. During the first month of the land market’s new phase, legal entities purchased 498 land plots with an area of 1,461 hectares, which is 10.4% of the total amount of agricultural land sold in January. ...

Unity Facility insurance coverage in the sea corridor has been extended to all cargoes.

Unity Facility insurance coverage in the sea corridor has been extended to all cargoes. The Unity Facility grain transportation insurance mechanism for the Ukrainian maritime corridor, which has been in effect since November 2023, has been expanded to include vessels that carry not only ...

Ukraine plans to keep only 100 strategic state-owned companies.

Ukraine plans to keep only 100 strategic state-owned companies. According to Deputy Minister of Economy Oleksiy Sobolev, the management concept for strategic state enterprises that are not subject to privatization is planned to be established during 2024, and the ...

The State Aviation Service provides details on the opening of Ukrainian airspace.

The State Aviation Service provides details on the opening of Ukrainian airspace. Ukrainian airport infrastructure is ready to support reopening the country’s airspace. Still, this requires confirmation from the Ukrainian military that it can ensure safety for a single airport, and...

Thursday, February 29

Ukraine does not predict a quick end to the farmers’ protests in Poland, so it is reorienting logistics and preparing long-term solutions.

Ukraine does not predict a quick end to the farmers’ protests in Poland, so it is reorienting logistics and preparing long-term solutions. The Minister of European Integration of Ukraine, Olha Stefanishyna, said that after several meetings between Ukrainian and Polish authorities, there is an understanding that the farmers’ protest...

War risk insurance is gaining momentum in Ukraine.

War risk insurance is gaining momentum in Ukraine. Ukrainian insurance companies are actively offering insurance against war risks to individuals and legal entities in various segments (auto insurance, real estate, medical, and agricultural insurance)...

The State Property Fund will again put the Port of Bilhorod-Dnistrovsky up for auction at a starting bid of ₴184M.

The State Property Fund will again put the Port of Bilhorod-Dnistrovsky up for auction at a starting bid of ₴184M. The single property port complex includes a nine-ship port fleet, 47 automobiles, and four railway transport units. The balance sheet also contains 18 portal cranes and other special equipment: 41 for...

The national postal operator of Ukraine is ready for partial privatization and plans to increase operational efficiency and invest ₴1.3B in automation.

The national postal operator of Ukraine is ready for partial privatization and plans to increase operational efficiency and invest ₴1.3B in automation. Ukrposhta may become the first state-owned company to privatize a portion of its ownership shares, the company’s GM, Ihor Smilyanskyi, said. According to him, to begin with, the entity may sell ...

Ukraine has practically stopped exporting important metallurgical products; factories will remain idle.

Ukraine has practically stopped exporting important metallurgical products; factories will remain idle. In January 2024, exports of ferroalloys decreased to 230 tons of products compared to 2,500 tons in December and 55,900 tons in January 2023. Last year, exports decreased by 4.9% compared to 2022 to 3...

The state continues to accumulate debts to banks for compensation under the 5-7-9 soft loan program.

The state continues to accumulate debts to banks for compensation under the 5-7-9 soft loan program. The top manager of OTP Bank, Volodymyr Mudryi, said that in 2023, ₴16 billion was set aside in the state budget to compensate banks for rates issued under the Affordable Loans 5-7-9 program. The year ...

The Russian Federation’s export revenue falls by 28%.

The Russian Federation’s export revenue falls by 28%. The main reason for the change in trade balance is the effect of sanction restrictions. The most painful blows to exports are a reduction in the supply of raw energy supplies and a decrease in their p...

Since the beginning of the war, the labor market in Ukraine has recovered by 93%, and the average salary has increased by 30%.

Since the beginning of the war, the labor market in Ukraine has recovered by 93%, and the average salary has increased by 30%. Since the start of the full-scale invasion, the labor market has recovered by 93% in terms of vacancies. Work.ua research shows that Ukrainians prefer to work remotely. At the same time, after the sta...

Wednesday, February 28

UZ could not attract EU funds to construct a Eurotrack route to Lviv; negotiations with the US are ongoing.

UZ could not attract EU funds to construct a Eurotrack route to Lviv; negotiations with the US are ongoing. Ukraine has failed to attract funds under the EU Connecting Europe Facility (CEF) program for the construction of the Mostyska – Sknyliv railway section from the state border with Poland to Lviv...

Since the beginning of the war, the BGV Group has invested almost ₴3B in Ukraine.

Since the beginning of the war, the BGV Group has invested almost ₴3B in Ukraine. Since February 24, 2022, BGV Group Management has invested almost ₴3B ($77M) in new projects and enterprises, as well as social and educational initiatives. The company’s main directions for investmen...

The UVCA has opened a hub in Brussels for business cooperation with the EU.

The UVCA has opened a hub in Brussels for business cooperation with the EU. The EU Business Hub, which includes an investment platform for promoting projects and cooperation between Ukrainian and European businesses, a business club, and the Seven Camp acceleration program, w...

What Polish businesses operate in Ukraine, and how much do they earn?

What Polish businesses operate in Ukraine, and how much do they earn? As of February 2024, 3,635 Polish companies are operating in Ukraine. Profits from the business activities of these companies can amount to significant amounts. Less than half of them have published t...

Tuesday, February 27

The Polish border blockade extends to Germany and Lithuania, and Polish carriers will join the farmers on the Ukrainian border.

The Polish border blockade extends to Germany and Lithuania, and Polish carriers will join the farmers on the Ukrainian border. Polish carriers plan to resume their protests on the Ukrainian border starting March 1. Their protests had paused in January of this year. According to RMF FM, the carriers want to join the blocking o...

Russia has not yet felt the full force of its sanctions, but in the coming years, a collapse is inevitable.

Russia has not yet felt the full force of its sanctions, but in the coming years, a collapse is inevitable. Sanctions against Russia have damaged its economy and weapons production capabilities and created problems for years to come. But their impact has developed more slowly than expected. This is perhaps ...

The Russian economy cannot win or lose the war.

The Russian economy cannot win or lose the war. The dependence of the Russian economy on military spending has reached such a level that it cannot afford to win or lose a war, said Renaud Foucart, a professor of economics at Lancaster University. T...

The state is moving to a new economic policy – Made in Ukraine, that will bring ₴4B to the budget and 1% GDP growth.

The state is moving to a new economic policy – Made in Ukraine, that will bring ₴4B to the budget and 1% GDP growth. President Zelenskyy announced the start of Ukraine’s new economic strategy, Made in Ukraine, which will become a platform for constant, direct dialogue between the state and entrepreneurs. He also ann...

Dragon Capital launched the first stage of an industrial park in the Lviv region – the World Bank has insured the investment.

Dragon Capital launched the first stage of an industrial park in the Lviv region – the World Bank has insured the investment. Investment company Dragon Capital put into operation the first phase of the M10 Lviv Industrial Park – a class A warehouse complex with an area of 14,400 square meters. The industrial park is lo...

Analysts predict how Ukraine’s accession to the EU would affect the growth of the Ukrainian economy.

Analysts predict how Ukraine’s accession to the EU would affect the growth of the Ukrainian economy. According to the NBU, the Ukrainian economy will increase by 7%, and the GDP per person will be $15,500 within a decade after the country’s accession to the EU with the rapid implementation of a...

Monday, February 26

While Ukraine is working to unblock its borders, Poland is preparing significant restrictions on Ukrainian products.

While Ukraine is working to unblock its borders, Poland is preparing significant restrictions on Ukrainian products. Polish authorities plan to restrict Ukrainian products such as sugar, poultry meat, eggs, frozen raspberries, apple juice, sunflower, and rapeseed oil. Thus, the restrictions on grain are planned to b...

Ukraine exported 30 million tons of agricultural products by waterways in seven months.

Ukraine exported 30 million tons of agricultural products by waterways in seven months. Over 30 million tons of Ukrainian farm products were exported through the ports of Odesa and the Danube in almost seven months (since August 2023), which is 93% of Ukraine’s total exports, the Ministr...

The Ukrainian business support fund attracted $350M and exceeded its initial target by 40%.

The Ukrainian business support fund attracted $350M and exceeded its initial target by 40%. Private Equity Fund Horizon Capital attracted $350M for investments in Ukrainian companies through its Horizon Capital Growth Fund IV fund. The fund, launched in 2022, reached this amount at the final...

Ukraine is ready to start restoring air connections with other countries.

Ukraine is ready to start restoring air connections with other countries. However, this effort is still at the stage of risk assessment and submission of relevant requests to permitting organizations, said Minister of Infrastructure Oleksandr Kubrakov. “We are conduct...

Friday, February 23

Poland will introduce border checkpoints to the list of critical infrastructure so that aid will arrive without delays; the countries’ governments will meet on March 28.

Poland will introduce border checkpoints to the list of critical infrastructure so that aid will arrive without delays; the countries’ governments will meet on March 28. Polish Prime Minister Donald Tusk said that in a few hours, the checkpoints on the border with Ukraine will be added to the list of critical infrastructure objects. “To provide a 100% guarantee ...

Businesses in Ukraine are planning on expansion and will borrow money for development.

Businesses in Ukraine are planning on expansion and will borrow money for development. According to a European Business Association (EBA) study, the number of entrepreneurs who plan to raise funds to develop their businesses in 2024 has increased to 80% from 67% last year. In addition, ...

The EU will extend visa-free trade with Ukraine and Moldova.

The EU will extend visa-free trade with Ukraine and Moldova. The Committee of Permanent Representatives of the EU agreed on a mandate for negotiations on the continuation of the suspension of tariffs and duties on imports from Ukraine and Moldova. Proposals rel...

British equipment and machinery worth hundreds of millions of pounds continue to enter Russia.

British equipment and machinery worth hundreds of millions of pounds continue to enter Russia. While British exports to Russia have fallen sharply, exports of drones, optical devices, and heavy engineering products to several former Soviet countries, from Uzbekistan to Georgia, have grown unpre...

How did Ukraine’s economy react to the beginning of Russian aggression in 2014 and the full-scale war in 2022?

How did Ukraine’s economy react to the beginning of Russian aggression in 2014 and the full-scale war in 2022? Ukraine’s GDP did not fall as much in 2014 as it did in 2022, when it suffered a record-setting decline. In 2014-2015, GDP fell by 15.8%, and in 2022 – by almost 30%. However, the trajectory of ...

Thursday, February 22

The EU is very close to officially adopting the 13th package of sanctions.

The EU is very close to officially adopting the 13th package of sanctions. The ambassadors of the EU have agreed on the 13th package of sanctions against the Russian Federation. It will be officially approved on February 24, the second anniversary of the Russian Federation&#...

Due to the blockade of the Polish border, the Ukrainian government is planning new export routes through Hungary and Romania.

Due to the blockade of the Polish border, the Ukrainian government is planning new export routes through Hungary and Romania. “Agrarian strikes are taking place in Poland. Today, rail transportation has already been blocked. Hungary is ready to transit these goods through its territory. Therefore, we are considering re...

How has the Polish border blockade affected international trucking?

How has the Polish border blockade affected international trucking? As of February 19, the volume of agricultural products exported over roads amounted to 265,000 tons, compared to 138,000 tons in January and 246,000 tons in December. The largest contributions to tota...

Legal extraction of amber in Ukraine has increased by 1,400%; the state issued more than 400 permits for subsoil use.

Legal extraction of amber in Ukraine has increased by 1,400%; the state issued more than 400 permits for subsoil use. Last year, the amount of legal amber mining in Ukraine reached 39.2 tons, 1,400% more than in 2019 before the law that legalized its mining came into force, reported the State Geology and Subsoil Serv...

Ukraine plans to rent out state agricultural land and prepares for the privatization of a hotel in the center of Kyiv.

Ukraine plans to rent out state agricultural land and prepares for the privatization of a hotel in the center of Kyiv. The State Property Fund (SPFU) is preparing to open the state land rental market, the head of the department, Vitaliy Koval, said. “We have 386,000 hectares of agricultural land, which belongs t...

A Ukrainian industrial waste processing company invested more than $300,000 to relocate its factory.

A Ukrainian industrial waste processing company invested more than $300,000 to relocate its factory. Strategic by-product and waste management company Recycling Solutions has relocated its microsphere processing factory to Burshtyn, Ivano-Frankivsk region, from Druzhkivka, in the Donetsk region. The ...

Western oil and gas companies generated record profits due to the Russian war in Ukraine.

Western oil and gas companies generated record profits due to the Russian war in Ukraine. The five largest Western oil and gas companies, including Shell, BP, Chevron, ExxonMobil, and TotalEnergies, have made more than $281B in profits since the beginning of Russia’s full-scale invasion of...

Despite the ongoing war, Ukrainian retail is recovering.

Despite the ongoing war, Ukrainian retail is recovering. The retail sentiment index, which is calculated monthly by the Ukrainian Council of Shopping Centers, shows that the shopping and entertainment center market in Ukraine has recovered by about 66%. ...

Ukraine imported almost 398,000 tons of cheap fertilizers from Poland last year. What does Russia have to do with this?

Ukraine imported almost 398,000 tons of cheap fertilizers from Poland last year. What does Russia have to do with this? Ammonium nitrate, NPK fertilizers, and sulfates were most imported to Ukraine last year from Poland. As Group DF Holding, which is engaged in the production of fertilizers, reported, the import of Pol...

Wednesday, February 21

While Ukraine is cutting exports and Poland is blocking its borders, the EU is increasing grain imports from Russia by 900%.

While Ukraine is cutting exports and Poland is blocking its borders, the EU is increasing grain imports from Russia by 900%. The actual volume of grain exports by Ukraine since the beginning of the 2023/2024 marketing year as of February 19 is 27.06 million tons, which is 10.7% less than in the previous season. At the same ...

Last year, Ukraine’s national debt increased by $33.9B, most of which was preferential financing from international partners.

Last year, Ukraine’s national debt increased by $33.9B, most of which was preferential financing from international partners. As specified by the Ministry of Finance, as of December 31, 2023, Ukraine’s state and state-guaranteed amounted to $145.3B, which is comprised of external debt – $101.7B (69.99% of the total amo...

Oil refining in the Russian Federation has fallen to an almost six-month low, but sanctions are not the reason.

Oil refining in the Russian Federation has fallen to an almost six-month low, but sanctions are not the reason. Oil refining in the Russian Federation has continued to fall over the past week as the aggressor country’s refineries grapple with the aftermath of Ukrainian drone attacks. Refinery production f...

The EU plans to damage Russian drone production with the 13th package of sanctions.

The EU plans to damage Russian drone production with the 13th package of sanctions. The Minister of Foreign Affairs of Germany, Annalena Baerbock, said that the EU will include restrictions targeting the production of drones in the 13th package of Russian sanctions. The head of the M...

More than 80% of businesses have resumed work after the shutdown in 2022.

More than 80% of businesses have resumed work after the shutdown in 2022. In 2023, almost 91% of small and medium-sized enterprises, forced to suspend their activities in 2022 due to military operations, resumed their work. By the end of the year, a little more than 82% of ...

Business centers are empty in Kyiv: vacancy is over 20%, and rental rates have fallen by 30% and they continue to fall.

Business centers are empty in Kyiv: vacancy is over 20%, and rental rates have fallen by 30% and they continue to fall. According to the UTG, the drop in office rental prices was caused by the outflow of tenants. In January 2022, rent for one square meter in class A was $28.1, in class B, $17.9, and in class C – ...

Ukraine’s largest retail chains face a personnel crisis due to the war.

Ukraine’s largest retail chains face a personnel crisis due to the war. According to Forbes, there is a significant shortage of men to work at ATB, Auchan, and Comfy stores. The main obstacle is that these positions are usually filled by draft-age men. Among the reasons f...

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