UkraineEconomy

Monday, May 23

Moody’s downgrades Ukraine’s sovereign credit rating. The Moody’s rating agency downgraded Ukraine’s long-term credit rating from Caa2 to Caa3 and negatively changed the outlook. The downgrade is due to increased risks in servicing Ukraine’s publi...

Wednesday, May 11

The EBRD has downgraded Ukraine’s economic downturn in 2022 and improved its outlook for 2023. The European Bank for Reconstruction and Development (EBRD) has downgraded the forecast for Ukraine’s economic decline due to the war to 30%, while at the end of March, the forecast was minus 20...

Tuesday, May 3

Inflation in Ukraine may exceed 20%. In April, inflation in Ukraine was 15.9%, and by the end of the year, it may exceed 20%, wrote the head of the National Bank, Kyrylo Shevchenko, for NV.ua. “This is a significant level of price...

Tuesday, April 12

Ukraine’s economy might shrink by almost half due to the war. The conflict in Ukraine has shut half of the country’s businesses and slashed exports, says a World Bank report. Ukraine is one of the world’s biggest exporters of grain and sunflower oil,...

Friday, April 1

Ukraine’s economy will shrink by a fifth this year. According to the European Bank for Reconstruction and Development, Ukraine’s economy will shrink by a fifth this year and then recover in 2023 if everything goes according to the scenario of a c...

Thursday, March 17

The financial sector functions despite the war. Since the start of the war, the official exchange rate has been frozen at USD/UAH 29.25 and EUR/UAH 33.17. Exports have mostly halted, while imports were reduced to a government-specified list of cri...

Tuesday, March 15

The Ukrainian economy may decline by at least 10% this year. The International Monetary Fund says Ukraine needs about $4.8B in external financing this year, and the country’s GDP will shrink by 10% if the war ends soon. However, the IMF said the economic ...

Friday, February 11

The shadow sector in Ukraine reaches 31%. The level of Ukraine’s shadow economy decreased by 1% in the first three quarters of 2021 from 32%, stated the Ministry of Economy. The share of the shadow economy decreased the most in the real...

Thursday, December 2

The National Bank of Ukraine has downgraded the forecast for Ukraine’s economic growth in 2021 to 3%. “This forecast is slightly lower than previously predicted due to several reasons. Poor economic results of the first half of the year, which have already been recorded. Quarantine restrictions. The h...

Friday, November 5

EBRD expects Ukraine’s economy to grow by 3.5 % in both 2021 and 2022, said a press release of the bank. Growth in 2021 will be fueled by a rich grain harvest and the continued normalization of business activities, though slow progress on reform and rollout of the Covid-...

Friday, September 10

BNE IntelliNews Sept. 2021 Ukraine Country Report conclusions. “Ukraine’s economy has been recovering from last year’s crisis with industrial production bouncing back strongly in April, up 13% y/y. However, the growth is going off the boil now with industrial pro...

Thursday, September 9

Dragon Capital on the main risks and concerns. Fiala named Russia as risk number one to the Ukrainian economy. The second, a possible deterioration in the commodity and financial markets. Third, a rollback in the reforms. He recalled that since 20...

Monday, May 17

Ukraine’s GDP contracted by 2% in Q1 2021, compared to the first quarter of 2020 . By contrast, the economy contracted by 0.8% in the last quarter of 2020. The disappointing first quarter results casts doubt on 2021 growth predictions, which are in the 4-5% range.

Tuesday, May 4

“The Ukrainian economy requires additional funds for development more than ever. One of such sources is international loans. The regulator observes increasing interest of Ukrainian companies to the possibility to attract foreign funding, including through Eurobond placement. The amendments approved by the NBU will streamlin...

Wednesday, April 14

Off the books transactions account for half of Ukraine’s GDP, Danylo Hetmantsev, estimated the Chairman of the Rada’s Committee on Finance, Tax and Customs Policy, in an interview with Ukrinform, the state-owned news agency. “I believe that the size of the shado...

Monday, March 1

Bees Airline, a new Ukrainian lowcost startup, plans to start flying this month from Kyiv Sikorsky to Egypt’s Red Sea resort of Marsa Alam and in April to Mombasa, Kenya. Bees Airline, a new Ukrainian lowcost startup, plans to start flying this month from Kyiv Sikorsky to Egypt’s Red Sea resort of Marsa Alam and in April to Mombasa, Kenya. The airline has leased two Bo...

Bell Textron’s ‘Huey’ helicopters, the US military’s workhorse in the Vietnam War, will be assembled in coming months at Ukroboronprom’s Bell Textron’s ‘Huey’ helicopters, the US military’s workhorse in the Vietnam War, will be assembled in coming months at Ukroboronprom’s Odesa Aviation Plant under license from the Fort Worth, Texas c...

US investments in Ukraine are expected by the end of this year in a series of areas, US investments in Ukraine are expected by the end of this year in a series of areas, Oksana Markarova, said in a lengthy interview with Ukrinform made prior to her traveling to Washington to take up h...

A five-year veteran of Ukraine’s Finance Ministry, Markarova dampened hopes that her main job is to get Ukraine’s IMF program back on track A five-year veteran of Ukraine’s Finance Ministry, Markarova dampened hopes that her main job is to get Ukraine’s IMF program back on track. She said: “Most of the central bodies of financial organiza...

Ukraine will receive only one IMF tranche this year, Ukraine will receive only one IMF tranche this year, predicts Fitch Ratings. Predicting that Ukraine will get less than one quarter of the $2.9 available under the June 2020 Standby Arrangement, the N...

Financial needs in the second half of this year will pressure the government to adopt the anti-corruption and free market reforms demanded by the IMF, Financial needs in the second half of this year will pressure the government to adopt the anti-corruption and free market reforms demanded by the IMF, Fitch predicted. Foreign debt repayments spike in...

As Ukrainians gain confidence in money transfer systems, the amount of money transferred inside the country grew by 24% yoy in 2020 As Ukrainians gain confidence in money transfer systems, the amount of money transferred inside the country grew by 24% yoy in 2020, to the equivalent of $9.5 billion, reports the National Bank of Ukr...

The amount of money sent into Ukraine through money transfer systems increased by 19% yoy, to $2.7 billion. The amount of money sent into Ukraine through money transfer systems increased by 19% yoy, to $2.7 billion. The average amount of one transfer increased by 7%, to $393. The top sources of money coming...

More movies, better food, and chatbots oriented toward business customers are in the works for Ukrzaliznytsia this year, More movies, better food, and chatbots oriented toward business customers are in the works for Ukrzaliznytsia this year, Alexander Pertsovsky, director of the state railroad’s ‘Passenger Company,’ tol...

A Viber and Telegram chatbot for buying tickets A Viber and Telegram chatbot for buying tickets that UZ launched in January with Visa and Middleware Inc. is to be expanded to handle group sales and “the B2B segment,” said Pertsovsky. UZ is working ...

UZ will buy 100 new passenger sleeper cars for an expected price of $109 million UZ will buy 100 new passenger sleeper cars for an expected price of $109 million, according a tender posted last week on Prozorro, the online procurement platform. The tender closes March 30 and the c...

To boost Black Sea tourism, almost 500 km of bicycle paths are to be built in Odesa and neighboring Mykolaiv regions To boost Black Sea tourism, almost 500 km of bicycle paths are to be built in Odesa and neighboring Mykolaiv regions. In Odesa, two paths totaling 420 km will run on two routes south of the city, Ukra...

Georgia reopens to foreign tourists today Georgia reopens to foreign tourists today, after almost one year of quarantine. To enter Georgia, Ukrainians need to do two PCR tests – one within 72 hours of takeoff and a second 72 hours after arriv...

Rivals Wizz Air and Ryanair are gambling that Italy will open up for Ukrainian tourism at the end of this month. Rivals Wizz Air and Ryanair are gambling that Italy will open up for Ukrainian tourism at the end of this month. Starting March 28, Ryanair starts service from Lviv to Bari, Naples, Palermo, Pisa, Tre...

Friday, January 22

Ukrzaliznytsia carried 16 million passengers on long distance trains last year, 30% of the volume of 2019. Ukrzaliznytsia carried 16 million passengers on long distance trains last year, 30% of the volume of 2019. About 15% of passengers traveled on the elite Intercity and Intercity + high-speed trains, th...

Ukraine cut its coal import bill last year by 40% yoy, to $1.7 billion Ukraine cut its coal import bill last year by 40% yoy, to $1.7 billion, reports, the State Customs Service. Ukraine cut its volume of imported coal by 22%, to 17 million tons. In dollar terms, the top...

After this week’s cold weather, ice breakers started work yesterday After this week’s cold weather, ice breakers started work yesterday in Ukraine’s four most affected ports: Bilhorod-Dnistrovs’kyi, Kherson, Mykolaiv and Olvia.

Despite the coronavirus lockdowns, retail trade increased last year by 8.4% yoy in real terms Despite the coronavirus lockdowns, retail trade increased last year by 8.4% yoy in real terms, rep orts the State Statistics Service. Fastest growth regions were: Kyiv – 19%; Zaporizhia – ...

Ukraine’s economy contracted by 4.4% in 2020 — far less than the estimates of 6-7% made last May Ukraine’s economy contracted by 4.4% in 2020 — far less than the estimates of 6-7% made last May, when the country was still in a severe lockdown, reported the National Bank of Ukraine. Despite ...

The Central Bank board decided yesterday to key Ukraine’s prime interest rate at 6% The Central Bank board decided yesterday to key Ukraine’s prime interest rate at 6%, the level it reached last June. In the 15 months prior to June 2020, the National Bank of Ukraine cut prime by two ...

Eying inflation, the Central Bank warned that if inflation increases, “ Eying inflation, the Central Bank warned that if inflation increases, “the National Bank will raise the discount rate. This will curb the acceleration of inflation in 2021 and return it to 5% in 2022....

Average borrowing costs for businesses dropped by 45% over the last year Average borrowing costs for businesses dropped by 45% over the last year, Kyrylo Shevchenko, Governor of the Central Bank, told reporters yesterday. “As for the cost of loans for businesses in the nat...

The contract of Petr Krumphanzl, Chairman and CEO of PrivatBank, expires tomorrow The contract of Petr Krumphanzl, Chairman and CEO of PrivatBank, expires tomorrow. While the Board looks for a successor, leadership of Ukraine’s largest and most profitable bank will go to Anna Samar...

President Biden should bolster “US support for Ukraine in order to get the country back on the reform track,” President Biden should bolster “US support for Ukraine in order to get the country back on the reform track,” Andy Hunder, president of the American Chamber of Commerce in Ukraine, urges in a new essa...

“The top priorities of the Biden administration’s Ukraine policy must be to curtail Russian aggression, reduce corruption, and contain the oligarchs… “The top priorities of the Biden administration’s Ukraine policy must be to curtail Russian aggression, reduce corruption, and contain the oligarchs…What Ukraine’s shady oligarchs fear most of all is ...

Turkey’s Doğuş İnşaat ve Ticaret A.Ş submitted a winning $402 million bid Turkey’s Doğuş İnşaat ve Ticaret A.Ş submitted a winning $402 million bid to win Ukravtodor’s tender build a 1.7 km cable suspension bridge across the Dnipro at Kremenchuk, Poltava oblast, the state h...

Qatar’s state-owned power development company, Nebras, is buying control of 214 MW of Ukraine solar and wind plants Qatar’s state-owned power development company, Nebras, is buying control of 214 MW of Ukraine solar and wind plants from Vasyl Khmelnytsky and his partners, according to a filing with Ukraine’s Antimo...

Germany’s shipping giant Hapag-Lloyd AG is launching three container trains from Odesa – to Dnipro, to Kyiv and to Kharkiv. Germany’s shipping giant Hapag-Lloyd AG is launching three container trains from Odesa – to Dnipro, to Kyiv and to Kharkiv. Each ‘block train’ will leave Odesa three times a week with 30-45 containers...

Tuesday, August 18

In a sign the Corona-recession has eased, Ukraine’s electricity consumption in July was only 0.7% below last year’s level In a sign the Corona-recession has eased, Ukraine’s electricity consumption in July was only 0.7% below last year’s level, according to Ukrenergo, the nation’s state power transmission company. Indust...

The central bank expects to receive the second tranche from the IMF by the end of this year, The central bank expects to receive the second tranche from the IMF by the end of this year, Kyrylo Shevchenko, the new governor of the National Bank of Ukraine, says in an interview with RBK-Ukraina....

Last week, the central bank bought $223 million, strengthening the hryvnia mildly to UAH 27.3/$1. Last week, the central bank bought $223 million, strengthening the hryvnia mildly to UAH 27.3/$1. So far this year, the National Bank of Ukraine has bought $1 billion more than it sold, latest data sh...

Last year, Ukrainians made 26 million trips out of the country, while foreigners made 15 million trips here Last year, Ukrainians made 26 million trips out of the country, while foreigners made 15 million trips here, according to the State Statistics Service. Tourism accounts for only 1.5% of Ukraine’s GDP,...

Reminder: UIA is offering two direct Kyiv-New York-Kyiv flights Reminder: UIA is offering two direct Kyiv-New York-Kyiv flights – next Monday Aug. 24, and the following Monday, Aug. 31. No additional New York flights are scheduled. Tickets only are available throu...

For Ukraine, the biggest impact of strikes spreading across Belarus may be a shortage of asphalt for President Zelenskiy’s $3 billion drive to pave 4,000 km of highways this year. For Ukraine, the biggest impact of strikes spreading across Belarus may be a shortage of asphalt for President Zelenskiy’s $3 billion drive to pave 4,000 km of highways this year. Ukraine imports half...

Ukraine also gets about one third of its diesel and gasoline from Belarus Ukraine also gets about one third of its diesel and gasoline from Belarus. But the strikes and slowdowns will only result in a ‘hiccup’ for Ukrainian prices, Kuyun predicts. “First, we have been livin...