Contents tagged with Economy of Ukraine
Ukraine's agricultural exports reach record high
In 2018, Ukrainian agrarian exports grew by 880 million dollars compared to 2017 and set a new record of 18.8 billion dollars, stated RBC Ukraine, citing the press service of the Ministry of Agrarian Policy and Food of Ukraine.
As the press service noted, exports of crop products increased by 762 million dollars up to 17.4 billion dollars. Their net value increased by 118 million dollars up to 1.4 billion dollars. Last year, the lion's share of Ukrainian agrarian exports was formed by crops at …
Media: Ukrainian exporters keep foreign currency revenue in offshore companies
Ukrainian business owners minimize their tax base by registering offshore companies and by keeping their foreign currency revenue in the accounts of companies registered in countries with a low tax load. According to the National Bank of Ukraine (NBU), more than a third of all foreign direct investments (FDIs) coming into Ukraine since the end of 2017 have come from countries with a low tax load. Furthermore, nearly 100% of direct investments from Ukraine have also been sent into low-tax …
National Bank of Ukraine denies threat of default
The Deputy Head of the National Bank of Ukraine (NBU), Dmytro Sologub, has denied that the country is in threat of default in the event of termination of cooperation with the IMF, RBC-Ukraine reports.
According to Sologub, the country's reserves are enough to pay off debt obligations, and rumors of default and restructuring of the national debt are no more than speculation.
"If you look at the reserves of the National Bank and compare them with the forthcoming payments, purely mathematically …
Almost a quarter of Ukrainians work in the shadow economy
According to State Statistics data, 22.9% of Ukrainians work in the ‘shadow economy’, or without official registration, UNN reports.
According to the agency, in 2017 the number of informally employed people aged 15-70 years reached 3,695,600 people, or 22.9% of the total number of the employed population of corresponding ages.
Of those working in the shadow economy, 1,514,700 (19.5%) were women, and 2,180,900 (26%) were men.
Informal employment is lower in urban areas—it accounts for 15.3% …
Ukrainian National Bank transfers $1 billion of currency reserves under the World Bank’s administration
The National Bank of Ukraine (NBU) has transferred up to $1 billion of the country’s gold and foreign currency reserves under the management of the World Bank, Interfax-Ukraine reported, citing a statement by the Central Bank’s deputy chairperson Oleg Churiy.
“Currently part of the gold and foreign currency reserves [of Ukraine] is managed by the World Bank,” the Central Bank’s official said, adding that the World Bank acts as “one of the largest investment managers for central banks,” and as …
Ukraine owes the IMF more than 12 billion dollars
The total debt of Ukraine to the International Monetary Fund is $12.1 billion dollars, said the Deputy Head of the National Bank of Ukraine, Oleg Churiy at a briefing.
Churiy said, "As of today, there are obligations of the National Bank of Ukraine (NBU) to the International Monetary Fund in the amount of $7.2 billion. There are also obligations of the Ministry of Finance in the amount of $4.9 billion. The total obligations to the IMF amount to $12.1 billion."
He noted that for today, the …
Prime Minister of Ukraine: Ukraine leads post-Soviet countries in the Financial Times business rating
The British edition of the Financial Times recognized Ukraine as the leader among all post-Soviet countries in improving the business climate, according to Prime Minister Volodymyr Groysman’s Facebook post on the first day of the New Year.
"Good news: the Financial Times recognized Ukraine as the first among all the post-Soviet countries in improving the business climate. The indicators of the pace of development of our state turned out to be the best," the head of government wrote.
He also …
Poroshenko: Ukraine’s GDP growing for sixth consecutive quarter
Ukraine’s gross domestic product is growing for the sixth consecutive quarter, Ukrainian President Petro Poroshenko wrote on Twitter.
According to him, the state budget for 2018 adopted by the Verkhovna Rada is a budget of growth.
“And thanks to the country’s economic achievements, we will increase the social living standards, which will be felt by all Ukrainians,” Poroshenko promised.
Earlier the Ukrainian president reacted positively to the Verkhovna Rada’s adoption of a state budget for 20 …
Russia among the top three biggest investors in Ukraine
Cyprus, the Netherlands and Russia were ranked among the top three leaders on direct investments in Ukraine's economy, as reported by Inna Meteleva, the Director of the Charterhouse Corporate Partners investment group in Ukraine, UBR.ua reports.
"According to the State Statistics Service of Ukraine, in 2016, direct investments from Cyprus into the Ukrainian economy amounted to $9.69 billion. $4.35 billion came from the Russian Federation and $5.75 billion came from the Netherlands, which makes …
EU investments into Ukraine reach $600 million
Since the beginning of the year, EU countries have invested 597.3 million dollars in the economy of Ukraine, making up 84% of their total investments for the same period last year, as stated by the press service of the Ukrainian Ministry of Economic Development and Trade, UNIAN reported.
It is noted that Cyprus ($287.1 million) and Great Britain ($160.1 million) are the top EU investors into Ukraine.
It is noted by the Ministry that by July 1, 2017, the total volume of foreign direct …