Ukrainian IT exports may decline by 6% this year. The decline in exports of Ukrainian IT services continues. Even under an optimistic scenario, by the end of 2024 the decrease in volume will be at least 4% compared to last year, and this figure could... #ITexport #LvivITcluster #UkraineEconomy #UkraineExport #UkraineITexport #UkrainianITcompany
Ukrainians want their country to regain its nuclear status more than they desire NATO membership. After the war’s end, among the main priorities for the state’s development, Ukrainians include the restoration of the state’s nuclear status in the top three most desired priorities,... #EuropeanIntegration #NATO #NuclearStatusUkraine #RepatriationInUkraine #UkraineEconomy #UkraineRecovery
Last year, financial and industrial groups in Ukraine earned almost ₴6T. 23,300 companies that are part of Ukrainian financial and industrial groups (FIG) and submitted financial statements for 2023 collectively earned ₴5.8T, according to a YouControl study. As of October,... #ATBmarket #novaposhta #okko #UkraineCompaniesProfit #UkraineEconomy #UkrainianEnterprises
Why did the IMF improve its economic forecast, and what are the key areas for Ukraine’s GDP growth? An IMF team has improved its economic growth forecast for Ukraine this year from 3% to 4%, as the Ukrainian economy has performed better than expected in the previous two quarters, IMF spokeswoman Jul... #EFFprogram #GDPinUkraine #imf #JulieKozack #SerhiyMarchenko #UkraineEconomy
Italy expands its cooperation with Ukraine in critical raw material supply chains and invests €200M to restore the Ukrainian energy system. Ukraine and Italy signed an agreement to deepen their logistics cooperation in critical raw materials. Attracting investment and encouraging innovation in the sphere’s development is one of Ukra... #AntonioTajani #CriticalRawMaterial #EnergyRestore #investments #Italy #UkraineEconomy
In the summer of 2025, a new semi-finished food product factory with 250 jobs will be opened in Ternopil Oblast. According to the Office of Sustainable Regional Development, a new factory that will produce wafer sheets and other dough-based products (tartlets, waffle cups for ice cream, dessert trays, etc.) will... #FoodProductionUkraine #investments #SemiFinishedFood #Ternopil #UkraineEconomy
How have relocated Ukrainian businesses affected their new regions financially? Since the beginning of the full-scale war in Ukraine, an enterprise relocation program has existed. For the regions where these companies have moved, this means additional jobs and tax revenue. Accord... #BusinessRelocation #kyiv #TaxesUkraine #UkraineEconomy #Zakarpattia #Львів
Zelenskyy presents an internal sustainability plan to the Ukrainian Parliament. The plan contains 10 points that address issues of unity, human capital, and cultural sovereignty. Zelenskyy plans to present the full version of the plan together with its annexes next month. These a... #SustainabilityPlan #UkraineDevelopment #UkraineEconomy #UkraineRecovery #UkrainianParliament #Zelenskyy
In October, Ukraine’s GDP growth slowed three times, while the export figure exceeded the previous year’s volume. Ukraine’s economy grew by 4.2% over the 10 months of the year, and in October growth slowed to 1.3% against 3.8% in September, reports the Ministry of Economy. It is noted that the drivers of gr... #AgroHarvestUkraine #GDPinUkraine #ProcessingIndustry #UkraineEconomy #UkraineExport
A Ukrainian pipe manufacturer invests $1B to maintain competitiveness in the global market. Over the past several years, Interpipe, a Ukrainian producer of pipes and railway wheels, has invested about $1B in the construction of a modern electric steelmaking complex – Interpipe Steel, which a... #EcoModernization #ForeignMarket #Interpipe #InterpipeSteelUkraine #investments #UkraineEconomy
There are 14 million people of working age left in Ukraine, almost 42,000 are unemployed, and an acute shortage of personnel is pushing up salaries. After the start of the full-scale war and mass emigration in Ukraine, the working population decreased from 18 to 14 million people, said economist and member of the Economic Discussion Club, Oleg Pen... #EmployeeDeficit #JobInUkraine #LaborMarketUkraine #nbu #SalaryUkraine #UkraineEconomy
Inflation is accelerating in Ukraine, but the NBU predicts it will decrease next year. In October 2024, consumer prices increased by 1.8% compared to September; annual inflation accelerated to 9.7% (8.6% in September), according to the Ukrainian State Statistics Service. Since the begin... #InflationinUkraine #nbu #pricesinUkraine #UkraineEconomicForecast #UkraineEconomy
Ukraine needs 4.5 million additional workers for GDP growth, while eight million people are economically inactive. According to a study by the International Labor Organization, Ukraine needs 8.6 million additional workers to enable GDP growth. At the same time, according to the Ministry of Economy, Ukraine only ne... #GDPUkraine #JobInUkraine #LaborMarketUkraine #UkraineEconomy
In October, Ukraine exported goods worth $3.8B, a record for the year. Last month, Ukraine exported goods worth more than $3.8B, 18.7% more than in September. This is the highest indicator for 2024 so far. Since the beginning of the year, the export of goods has reached ... #agroexportukraine #HoneyExport #UkraineEconomy #UkraineExport #UkraineTrade
Through a digital investment portal, KSE and the Ministry of Economy seek investors for projects worth €2.1B. Thirty-one new projects representing a total amount of €2.1B have been added to Ukraine’s investment portal, created by the Ministry of Economy and the Kyiv School of Economics with support from... #DigitalInvestmentPortal #investments #UkraineEconomy #ukrainianbusiness
German businesses contemplate their options as the suspension of military reservations threatens companies working in Ukraine. The suspension of the reservation of Ukrainian workers, despite the millions of dollars invested by German companies to support Ukraine’s economy during the war, threatens the business community... #AHK #AHKukraine #GermanBusiness #GermanUkraineChamber #investments #MobilizationUkraine #ReinerPerau #UkraineEconomy
How did Russia’s destruction of energy infrastructure affect the IMF’s forecast for Ukraine’s economy? The IMF’s latest forecast for Ukraine’s economic growth in 2024-2025 was significantly lowered, primarily due to Russia’s destruction of the Ukrainian energy infrastructure and uncertainty... #AlfredKammer #EnergyInfrastructure #imf #KristalinaGeorgieva #UkraineEconomicForecast #UkraineEconomy
The IMF encourages Ukraine to make profound tax changes but not to raise rates. IMF experts unveiled their proposals for reducing Ukraine’s national debt as part of their recommendations. The IMF’s Deputy Director of the Fiscal Affairs department, , noted that their r... #EraDablaNorris #imf #TaxesUkraine #TaxIncrease #ukrainedebt #UkraineEconomicForecast #UkraineEconomy
Ukraine records a business boom despite the war, but challenges remain. One in six Ukrainian entrepreneurs started their current business after the start of the full-scale war. As well, 66% of them had no previous business experience, according to the Mastercard SME Index... #BusinessDevelopment #BusinessExpectation #UkraineEconomy #UkraineExport #ukrainianbusiness
Which regions of Ukraine provide the greatest tourism profits? In the first half of 2024, the tourism sector achieved a net income of ₴5.8B, almost 29% (in nominal terms) higher than the results for the same period in 2023. According to experts, such an increase ... #IvanoFrankivsk #kyiv #UkraineEconomy #UkraineTourism #Львів
Ukrainian businesses are ready to work in the EU: What forecast do entrepreneurs give regarding the terms of Ukraine’s accession? 31% of the member companies of the EBA believe that they are fully ready to operate in the EU currently, 38% are primarily ready, 26% are partially prepared, and only 5% are not ready. 71% of companie... #EBA #EuropeanIntegration #SociologicalSurvey #UkraineEconomy #ukrainianbusiness
Ukraine has already cleared mines from 35,000 square kilometers of land; economic losses are estimated at $11.2B annually. Currently, 174,000 square kilometers of land in Ukraine have been mined. Since 2022, thanks to the joint efforts of Ukraine and its partners, sappers have surveyed and returned 35,000 square kilometer... #DeminingUkraine #UkraineEconomy #UkrainianSappers #UMAC2024 #WarinUkraine #YuliyaSvyridenko
Despite the challenges of the war, the size of the average deal in the Ukrainian M&A market continues to grow. According to KPMG, activity in the Ukrainian M&A market has remained stable for the second year in a row, indicating cautious investor confidence despite the ongoing war. In the first nine months ... #ForeignInvestor #investments #MergersAcquisitions #UkraineEconomy #ukrainianbusiness #UkrainianMarket
Half of the economy, and ₴500B in taxes, are in the shadows, said the head of the Parliamentary Finance Committee, Danylo Hetmantsev. However, he specified that after measures taken by the state, this amount will decrease to ₴420-430B ($10B). At the same time, ... #DanyloHetmantsev #EuropeanIntegration #ShadowEconomy #TaxesUkraine #UkraineEconomy
The shortage of new workers in Ukraine will reach 5-10 million people by 2030: Experts advise how to overcome this challenge. According to the director of the USAID mission in Ukraine, Theodora Dell, human resources can be gathered from the country’s own potential. “Currently, the employment rate in Ukraine is 52... #EmployeeDeficit #JobInUkraine #LaborMarketUkraine #UkraineEconomy #USAID
The tax increase will bring a corresponding increase in Ukraine’s shadow economy. Because of the retrospective increase in taxes from October 1, businesses are transferring their workers to the shadow employment sector. This will increase the shadow economy by 10 percentage points,... #ShadowEconomy #TaxesUkraine #TaxIncrease #UkraineBudgetDeficit #UkraineEconomy
In September, prices for goods and services in Ukraine rose faster than the National Bank’s forecast. Consumer inflation accelerated to 8.6% year-on-year in September against 7.5% in August. “The actual pace of price growth was higher than the forecast published in the Inflation Report for July ... #InflationinUkraine #nbu #pricesinUkraine #UkraineEconomicForecast #UkraineEconomy
The Ministry of Finance explains the importance of the historic tax increase. All the tax revenue in the state budget is directed to the security and defense sector, but even that is not enough. The Ministry of Finance noted that the balance is covered through other sources, in... #BudgetDeficit #DefenseSpending #TaxesUkraine #UkraineBudget2024 #UkraineEconomy
Price increases accelerated in August: The NBU explains why. According to the National Bank, in August consumer inflation accelerated to 7.5% in annual terms (from 5.4% in July), as was expected. At the same time, core inflation increased more significantly tha... #FoodPrices #FuelPricesUkraine #InflationinUkraine #nbu #pricesinUkraine #UkraineEconomy
Here are the main economic activity factors in Ukraine for the first half of the year. Macroeconomic indicators of the Ukrainian economy in 2024 show growth, but positive dynamics are slowing down. The growth potential represented by the economic recovery from the fall in 2022 has been ... #GDPinUkraine #InflationinUkraine #UkraineEconomicActivity #UkraineEconomy
The Ministry of Economy names four critical price growth factors in Ukraine. In August, consumer prices increased by 0.6% for the month. On an annualized basis (August 2024 compared to August 2023), inflation accelerated to 7.5% from 5.4% a month earlier, according to the Moni... #ElectricityDeficitUkraine #InflationinUkraine #nbu #pricesinUkraine #UkraineEconomy
Ukrainian seaports increased their cargo turnover by 80% in 2024. According to the results of the first three quarters of the year from the Ukrainian sea corridor’s operation, Ukrainian seaports increased cargo transshipment by 80% compared to the same period ... #agroexportukraine #ExportCorridors #SeaPortsUkraine #UkraineEconomy #UkraineExport
The new state agency providing military risk insurance will stimulate investment in Ukraine. The NBU and the Ministry of Economy presented a draft law on the war risk insurance system, which provides for the protection of insurance interests of individuals and legal entities, aimed at ensurin... #InsuranceUkraine #investments #UkraineEconomy #WarRiskInsurance
Ukraine’s indirect economic losses from the war exceed $1.1T. Since the beginning of the full-scale invasion through July 2024, the total amount of Ukraine’s indirect losses, including current and projected losses of revenue and added value, is estimated a... #DeminingUkraine #UkraineEconomy #UkraineEconomyLosses #UkraineEnergyLosses #WarinUkraine
The final adoption of a bill raising taxes may negatively affect the economy: Businesses offer an alternative. The current version of the draft law provides for an increase in the military tax from 1.5% to 5%, a 50% tax on bank profits in 2024, and 25% for non-bank financial institutions. The bill foresees add... #ReformsinUkraine #ShadowEconomy #TaxesinUkraine #UkraineBudget #UkraineBudgetDeficit #UkraineEconomy
The NBU maintains this year’s economic growth forecast of 3.7% despite the situation in the energy sector and expects positive results from tax increases. As noted by the head of the National Bank, Andriy Pyshnyi, the regulator remains largely confident in the forecast it presented in July. “The economy will grow by 3.7% this year. The assumption ... #AndriiPyshnyi #ElectricityDeficitUkraine #EnergyRestore #nbu #UkraineEconomicForecast #UkraineEconomy
What are the NBU’s plans regarding the key policy rate? Almost all (10 out of 11) of the NBU’s Monetary Policy Committee members support keeping the discount rate at 13%. The NBU notes that the majority believes that the current rate level provides n... #AndriiPyshnyi #financeUkraine #InflationinUkraine #KeyPolicyRate #nbu #UkraineEconomy
The volume of completed construction work in Ukraine has increased by 37.1%. According to the first half of 2024’s results, the index of completed construction works in Ukraine increased by 37.1% compared to the same period in 2023. According to the State Statistics Serv... #BuildingUkraine #ConstructionUkraine #RealEstateUkraine #UkraineEconomy #UkraineRecovery
Despite the war, Ukraine’s industrial production increased by 8.1%. The volume of the industrial output in Ukraine in January-June 2024 increased by 8.1% compared to the same period in 2023. In June, the indicator decreased by 0.3% compared to the corresponding month ... #IndustrialProduction #MetallurgyUkraine #UkraineEconomicForecast #UkraineEconomy #UkraineExport
The state program of preferential business lending positively affects the economy but needs improvement. As of January 1, 2024, the state’s debt to banks under the 5-7-9% Available Loans program amounted to ₴7.1B, and barring changes, by the end of 2024 this figure may reach ₴11.5B, according to th... #5-7-9loanprogram #AffordableLoans #BankLoans #financeUkraine #LoansforBusiness #UkraineEconomy
A new industrial park with dozens of factories will be open in Prykarpattia. The Minister of Economy reported that the Cabinet of Ministers has registered the new Kalush Production industrial park in Kalush, Ivano-Frankivsk region. The park’s production capacity includes... #IndustrialParksUkraine #investments #IvanoFrankivsk #Prykarpattia #UkraineEconomy
Ukraine will restructure government derivatives tied to GDP growth rates. Yuriy Butsa, the government commissioner for public debt management, notes that Ukraine issued GDP warrants in 2015. According to the terms, any GDP growth above 3% per year triggers payments to warra... #Creditors #financeUkraine #GDPinUkraine #GDPwarrants #UkraineBond #UkraineEconomy
AmCham and Deloitte survey results: How businesses in Ukraine are preparing for winter. The vast majority (88%) of 139 companies, operating in various sectors of the Ukrainian economy, that participated in the survey are prepared for long-term power outages. 33% can provide their own ene... #ElectricityDeficitUkraine #energyukraine #HeatingSeason #UkraineBlackout #UkraineEconomy #ukrainianbusiness
The National Bank of Ukraine kept the key policy rate unchanged at 13%. This decision will contribute to the gradual return of inflation to the 5% target in the following years and support the foreign exchange market’s stability, the NBU reported. It is also aimed a... #financeUkraine #foreignexchangemarket #InflationinUkraine #KeyPolicyRate #nbu #UkraineEconomy
Ukraine can become the titanium hub of Europe, but hundreds of millions of dollars are needed. To replace Russia in the global supply of titanium, Ukraine will require years of construction and hundreds of millions of dollars of investment, said the chairman of the board of the United Mining an... #investments #MiningIndustry #TitaniumUkraine #UkraineDevelopment #UkraineEconomy #UMCC
At the end of the summer, economic growth accelerated in Ukraine. In August, the Ukrainian economy grew by 3.5% (±1%) compared to August last year. Based on the results of eight months of the year, GDP growth is estimated at 3.9% against the corresponding period of ... #GDPinUkraine #UkraineEconomicActivity #UkraineEconomy #YuliyaSvyridenko
The share of businesses in Ukraine that expect growth in production and export is growing. According to the monthly survey of enterprises by the Institute of Economic Research, 38.2% of respondents expect an increase in production (against 35.7% in July) in the next three to four months. Ex... #BusinessExpectation #businessinukraine #BusinessProblem #UkraineEconomicForecast #UkraineEconomy
Odesa is actively working on the creation of two multi-disciplinary industrial parks. Despite the full-scale war, Odesa city authorities are actively working to create two industrial parks, said the mayor of Odesa, Gennady Trukhanov. The first park (Odesa Innovation Park) will be locat... #GennadiyTrukhanov #IndustrialPark #investments #Kulindorovo #Odesa #OdesaInnovationPark #UkraineEconomy
National Bank: inflation will grow at a higher rate than predicted. Last week, the State Statistics Service announced that consumer inflation accelerated to 7.5% annually in August from 5.4% in July. In monthly terms, prices increased by 0.6%. However, the NBU noted t... #Hryvnia #InflationinUkraine #nbu #UkraineEconomicForecast #UkraineEconomy
Ukraine loses $11.2B annually due to mined territories; experts suggest raising funds for demining through bonds. According to a study by the Anthony Blair Institute, the safe demining of Ukraine will require $34.6B and extraordinary innovation. At the same time, at the current funding level and with the use of t... #AgriculturalBond #agroUkraine #AnthonyBlair #DeminingUkraine #HowardBuffett #UkraineEconomy
