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    Ukraine has a GDP of $306.3 billion and GDP per capita of $6,700, with an economic growth rate of 4.3% in 2010. However, unemployment was 8.4% that year and 35% of the population lived below the poverty line. Historically, Ukraine was second only to Russia in economic importance within the Soviet Union, but since independence it has struggled with reforms and over-reliance on Russia for energy. While growth exceeded 7% in 2006-07 due to high global steel prices and domestic consumption, the economy contracted over 15% in 2009 during the global financial crisis before resuming growth in 2010.

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    Ukraine has a GDP of $306.3 billion and GDP per capita of $6,700, with an economic growth rate of 4.3% in 2010. However, unemployment was 8.4% that year and 35% of the population lived below the poverty line. Historically, Ukraine was second only to Russia in economic importance within the Soviet Union, but since independence it has struggled with reforms and over-reliance on Russia for energy. While growth exceeded 7% in 2006-07 due to high global steel prices and domestic consumption, the economy contracted over 15% in 2009 during the global financial crisis before resuming growth in 2010.

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    33 views2 pages

    Ukraine

    Uploaded by

    Ngoc Vo
    Ukraine has a GDP of $306.3 billion and GDP per capita of $6,700, with an economic growth rate of 4.3% in 2010. However, unemployment was 8.4% that year and 35% of the population lived below the poverty line. Historically, Ukraine was second only to Russia in economic importance within the Soviet Union, but since independence it has struggled with reforms and over-reliance on Russia for energy. While growth exceeded 7% in 2006-07 due to high global steel prices and domestic consumption, the economy contracted over 15% in 2009 during the global financial crisis before resuming growth in 2010.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    Name: Ngoc Vo

    Ukraine
    - GDP: $306.3 billion (2010 est.)

    - GDP per capita: $6,700 (2010 est.)

    - Growth Rate: 4.3% (2010 est.)

    - Unemployment Rate: 8.4% (2010 est.)

    - Population below poverty line: 35% (2009)

    - Exports: $49.71 billion (2010 est.)

    - Imports: $53.54 billion (2010 est.)

    - National Debt: $97.5 billion (31 December 2010 est.)

    Economic Analysis of Ukraine

    In Soviet times, Ukraine's second largest economy in the Soviet Union, is a component of
    industrial and agricultural importance in the economy of the country's plans.With the collapse
    of the Soviet system, the country moving from a planned economy to market economy.
    Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform
    have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports
    to meet about three-fourths of its annual oil and natural gas requirements and 100% of its
    nuclear fuel needs. Ukrainian Government officials eliminated most tax and customs privileges
    in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow
    economy, but more improvements are needed, including fighting corruption, developing capital
    markets, and improving the legislative framework.Ukraine's economy was buoyant despite
    political turmoil between the prime minister and president until mid-2008. Real GDP growth
    exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by
    strong domestic consumption, spurred by rising pensions and wages. Ukraine reached an
    agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal
    with the economic crisis, but the Ukrainian Government's lack of progress in implementing
    reforms has twice delayed the release of IMF assistance funds. The drop in steel prices and
    Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered
    growth in 2008 and the economy contracted more than 15% in 2009, among the worst
    economic performances in the world; growth resumed in 2010, buoyed by exports. External
    conditions are likely to hamper efforts for economic recovery in 2011.

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