Ukraine Defeats Recession as Economy is Back on Track

Monitoring Desk: The economy of Ukraine is back on track as exports of Ukrainian agricultural products recorded an increase of 22.7% in first 10 months of year 2017 compared to the same period in 2016.

The total export of agricultural products crossed the figure of $14.7 billion.

According to Dispatch News Desk (DND) News Agency, the pace of reforms in Ukraine is accelerating, despite the challenges posed by Russian aggression and overall international trade in goods recorded an increase by 25% in the first nine months of 2017 while Capital investments grew by 22.5% in the first six months of 2017.

According to official figures, real GDP increased by 2% in the third quarter of 2017.

“This year, Ukraine has made considerable progress in its European path by launching reforms in seven critical sectors such as education, the judiciary, the pension system, healthcare, public administration, cyber-security and electoral law. The country has no intension of slowing the pace of reforms”, commented an official when asked to explain the future of Ukrainian economy.

He stated that the structural reforms are starting to bear fruits. Economic growth is up.

According to the National Bank of Ukraine, the forecast for real GDP growth for year 2018 -19 is as higher as 3.5%.

International trade in goods has risen by 25% in the first nine months of 2017, with the EU, the increase has been 31%. Capital investments grew by 22.5% in the first six months of 2017.

Meanwhile, wages reported increase of 19.9% compared to the October last year.

According to the State Statistics Service of Ukraine, the average nominal wage of a full-time employee of enterprises, institutions and organizations in October 2017 amounted to UAH 7,377, which is 2.3 times higher the minimum wage totaling UAH 3,200. According to statistics, the salary was between UAH 6,000 and UAH 7,000 in most regions of Ukraine.

Agriculture sector of Ukraine performed well and recorded an increase of 22.7% in first 10 months of year 2017 compared to the same period in 2016. The total export of agricultural products crossed the figure of $14.7 billion.

The top three countries importing agrarian products from Ukraine during January-October 2017 were India (11.3% of total exports), Egypt (7.5%) and Netherlands (6.9%).

Ukraine exported agricultural products to Asia (42%), the EU (31.9%) and African (14.7%).

Major products of supplies during the period of January-October 2017 included apricot, cherries, peaches, plums (worth $8.6 million), wheat flour ($ 17.7 million), sugar  ($121.4 million), meat and poultry byproducts ($82 million), butter ($69.1 million), frozen beef ($36.1 million), bakery and confectionery products ($23.8 million), malt extracts, flour products, cereals ($52.6 million).

*

*

Top