state of economy

Ukraine is one of the leaders among the European countries in terms of economic growth rate. It has shown a steady rise in its growth rate from the year 2000 onwards.

GDP: In 2005, the Ukrainian economy showed moderate rates of real GDP at 2.7%, however in 2006 it increased by leaps and bounds to reach 7.1%. This increase was phenomenal, as it was in a period of just one year. In the same year industrial production growth saw an increase from 3.1% to 6.2%.

An increase in domestic trade by 14%, increase in manufacturing industry by15.5% and an increase in construction by 18.7%, helped Ukraine to attain an economic growth of 8.6% in the first two months of 2007. This was 7.1% more than that seen in the same period in 2006.

In 2006, GDP (official exchange rate) was USD 82.36 billion. GDP (purchasing parity) was USD 364.3 billion, GDP per capita (PPP) was USD 7,800. The sector wise composition of GDP was as follows: Agriculture – 17.5% (up by 0.4%), Industry 42.7% (up by 6.2%) and Services 39.8%.

Inflation and Price Dynamics: Inflation rate (consumer price index – CPI) in 2006 was 11.6%, as compared to 10.3% for the same period in the previous year. The lower rate of inflation in 2005 was due to the balancing of markets and stabilisation of the macro economic situation. The acceleration of inflation in 2006 was due to increase in administrative price rates of public utilities. Inflation (CPI) in the first two months of 2007 was 1.1% as compared to 3% in the first two months of 2006.

The rate of wholesale price growth (producer price index – PPI) was up 14.1% from 9.5%. This was due to the increase of world prices for energy services, metal products, increase of internal demand and cost price of production. Also , the rate of wholesale price growth was 3.4% as compared to 1.5% in the first two months of the years 2006 and 2007 respectively.

 
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