Steady Economic Growth in 2018
During the first three quarters of 2018, Ukraine sold goods worth almost $40 billion - 10 percent more than in 2017
Slow but stable growth.
This is how experts describe the economic changes in Ukraine in 2018. Ukraine is facilitating trade with the European Union, improving the business climate in the country and attracting foreign investments.
In 2018, Ukrainian agrarians harvested a record amount of grain – 70 million tons.
In December, the International Monetary Fund provided Ukraine with a tranche of $3.9 billion dollars – within a new cooperation program.
In 2018, GDP growth in Ukraine accelerated, and inflation was controlled.
The main driver of change, if we are talking about the development through industry, is the manufacturing industry,” Executive Director of the Institute for Economic Research and Policy Consulting Oksana Kuziakiv said. “These are food, light industry, and engineering. Here, the industrial production growth was estimated at the level of 2 to 3 percent.”
During the first three quarters of 2018, Ukraine sold goods worth almost $40 billion – 10 percent more than in 2017.
The share of exports to Russia has decreased in favor of the EU markets. Forty-two percent of all goods produced in Ukraine are sold in the European Union.
Now, Ukraine sells more finished products than raw materials. Over the first six months of 2018, the export of processed goods to the EU amounted to more than $4 billion.
Agriculture continues to be our main export sector. The next step is processing. We have a rather large group of Ukrainian enterprises that produce food products certified by EU member countries. It began with a dozen enterprises two years ago, and now there are more than 60 of them,
Participation in global shows and fairs helps Ukraine to develop its export. In November, it the country took part in the China International Import Expo in Shanghai.
“We gave more companies a chance to talk about themselves – with the help of a national stand. We have developed an electronic catalog, which has more than 180 companies. Potential partners can contact these companies, even if they are not here,” Head of the Export Promotion Office Mariana Kahaniak said.
Ukraine rose in international rankings. In the “Economic Freedom in the World” report, the country is ranked 134th, which is 15 positions higher than in 2017. In the Global Competitiveness Report, Ukraine has climbed 6 positions and is ranked 83rd. And in the Doing Business report, the country is 71st position, – 5 positions higher than in 2017.
“This year, the inspection reform became a big achievement in improving the business climate. We are changing the approach to the inspections of companies so that these inspections do not impede, but help businesses. If a company pays taxes, is not in a risk group, pays high salaries, fulfills all legal requirements, — it is inspected rarely and even remotely,” Minister of Economic Development and Trade Stepan Kubiv said.
The improvement of business environment helps to attract money to the country. Within a year, Ukraine received $1 billion as foreign direct investments. The IT-sector became the most profitable, as investment funds allocated from $1 to $110 million dollars to Ukrainian start-ups.