The motherland monument in Ukraine

Ukraine Economy

Ukraine's economy in numbers:

Nominal GDP of USD 159 billion in 2022.

GDP per capita of USD 4,005 compared to the global average of USD 10,589.

Average real GDP growth of 3.1% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 66% of overall GDP, manufacturing 10%, other industrial activity 13%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 69% of GDP in 2021, government consumption 18%, fixed investment 14%, and net exports -1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 43% of total merchandise exports, mineral fuels 1%, food 40%, ores and metals 13% and agricultural raw materials 2%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 18%, food 11%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 41 billion in 2022, while total imports were USD 56 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 3.1% in the decade to 2022. To read more about GDP growth in Ukraine, go to our dedicated page.

Fiscal policy:

Ukraine's fiscal deficit averaged 4.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 8.8% in the decade to 2021. For more information on Ukraine's unemployment click here.

Inflation:

Inflation averaged 12.9% in the decade to 2022. Go to our Ukraine inflation page for extra insight.

Monetary Policy:

Ukraine's monetary policy rate ended 2022 at 25.00%, up from 7.50% a decade earlier. See our Ukraine monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the hryvnia weakened by 78.4% vs the U.S. dollar. For more info on the hryvnia, click here.
Following Q3’s deceleration on the collapse of the Black Sea Grain Initiative in July, Russia’s attacks on port infrastructure and weaker export capacity, GDP growth likely slowed further year on year in Q4. Consumer sentiment deteriorated to a one-year low in the quarter, and businesses downgraded their expectations due to the prolonged war, uncertain foreign aid inflows and the border blockade by Polish truckers in November–December. Moreover, goods exports continued to shrink heavily in the quarter. More positively, cooling inflation and additional Central Bank rate cuts lifted some pressure off of domestic demand. Meanwhile, in January, the EU unlocked the USD 54 billion aid package that Hungary had previously blocked. Another USD 60 billion package pledged by the U.S., which has been stalled by Congress, will be voted in early February, promising to boost Ukraine’s budget further.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 27 expert analysts.

Want to get insight on the economic outlook for Ukraine in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for Ukraine from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ukraine economy. To download a sample report on the Ukraine's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Ukraine Economic Data

2018 2019 2020 2021 2022
Population (million) 44.4 44.2 43.9 43.5 39.7
GDP (USD bn) 131 154 156 199 160
GDP per capita (USD) 2,939 3,477 3,554 4,577 4,042
GDP (EUR bn) 111 137 137 168 153
GDP per capita (EUR) 2,489 3,105 3,109 3,868 3,852
GDP (UAH bn) 3,561 3,978 4,222 5,451 5,239
Economic Growth (Nominal GDP, ann. var. %) 19.3 11.7 6.1 29.1 -3.9
Economic Growth (GDP, ann. var. %) 3.5 3.2 -3.8 3.5 -29.1
Private Consumption (ann. var. %) 9.3 10.9 1.7 6.9 -26.7
Government Consumption (ann. var. %) -0.1 -13.6 -0.7 0.8 18.0
Fixed Investment (ann. var. %) 16.6 11.7 -21.3 9.3 -34.3
Exports (G&S, ann. var. %) -1.4 7.3 -5.8 -8.6 -42.4
Imports (G&S, ann. var. %) 2.8 5.7 -6.4 14.2 -18.5
Industrial Production (ann. var. %) 3.0 -0.5 -4.5 1.9 -36.7
Retail Sales (ann. var. %) 5.6 11.6 7.2 10.9 -24.5
Wages (ann. var. %) 24.8 18.5 10.4 20.9 -
Unemployment (% of active population, aop) 9.0 8.5 9.2 10.0 -
Fiscal Balance (% of GDP) -1.9 -2.2 -5.3 -3.4 -16.1
Public Debt (% of GDP) 60.9 50.2 60.4 49.0 77.8
Money (ann. var. of M2 %) 5.4 12.7 28.7 12.0 20.8
Inflation (CPI, ann. var. %, eop) 9.8 4.1 5.0 10.0 26.6
Inflation (CPI, ann. var. %, aop) 11.0 7.9 2.7 9.3 20.1
Inflation (PPI, ann. var. %, eop) 17.4 4.1 -1.6 62.2 47.3
Key Policy Rate (%, eop) 18.00 13.50 6.00 9.00 25.00
Stock Market (ann. var. of PFTS %) 77.5 -8.9 -1.9 4.6 -0.7
Exchange Rate (UAH per USD, eop) 27.82 23.81 28.57 27.37 37.03
Exchange Rate (UAH per USD, aop) 27.26 25.88 27.05 27.36 32.65
Exchange Rate (UAH per EUR, eop) 31.80 26.72 34.97 31.13 39.51
Exchange Rate (UAH per EUR, aop) 32.18 28.98 30.92 32.37 34.25
Current Account Balance (USD bn) -6.4 -4.1 5.3 -3.9 8.0
Current Account Balance (% of GDP) -4.9 -2.7 3.4 -1.9 5.0
Merchandise Trade Balance (USD bn) -12.7 -14.3 -6.8 -6.6 -14.7
Merchandise Exports (USD bn) 43.3 46.1 45.1 63.1 40.9
Merchandise Imports (USD bn) 56.1 60.4 51.9 69.8 55.6
Merchandise Exports (ann. var. %) 9.2 6.3 -2.1 39.8 -35.2
Merchandise Imports (ann. var. %) 13.6 7.7 -14.0 34.3 -20.4
Foreign Direct Investment (USD bn) 4.7 6.0 0.0 7.3 0.8
International Reserves (USD bn) 20.8 25.3 29.1 30.9 28.5
International Reserves (months of imports) 4.5 5.0 6.7 5.3 6.2
External Debt (USD bn) 122 125 132 136 140
External Debt (% of GDP) 93.3 81.2 84.8 68.1 87.0

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