About Ukraine

Ukraine, a Central European country of over 45 million people, covers a territory of 603,628 km2 (233,062 sq mi) entirely within Europe which makes it the largest country of Europe.  Once the most advanced scientific, industrial and agricultural Republic of the former Soviet Union, Ukraine has kept its leading position in the intellectual potential and boasts the World’s richest reserves of fertile black soils (chernozem). Ukraine’s strategic location in the very center of Europe and land borders of 4,663 km with seven other European countries and its access to the Black Sea makes it a natural transportation & logistical hub.

Kyiv_St-AndrewsAbout 60% of the Ukrainian lands are arable which makes it the largest country on the continent with the greatest potential in agricultural production for foods, textiles and renewable bio energy.

Ukraine’s Politics
Ukraine’s President, Prime Minister, Ministers and a large number of the Members of the Parliament are trilingual: speaking Ukrainian, Russian and English for the first time in history of independent Ukraine.  This became possible due to the open democratic elections of 2014 which followed the nation-wide protests against the corrupt pro-Russian President Viktor Yanukovych and his team.

President Petro Poroshenko was elected in 2014 in the first round of the presidential elections. Later in 2014, the new Parliament was elected ending the era of communists’ representation as well as not letting in extreme nationalists. The political coalition was formed shortly after the parliamentary elections and the new Cabinet of Ministers has been put to work with an unprecedented hiring of foreign experts as ministers (making them adopt Ukrainian citizenship), vice ministers and advisers along with the Ukrainian majority of Western-educated professionals.

Ukraine is a republic under a mixed semi-parliamentary semi-presidential system with separate legislative, executive, and judicial branches. The state has been undergoing fundamental reforms in all spheres since 2014 despite the external pressure from Russia and internal obstruction from corrupt politicians linked to post-Soviet oligarchs.

The Economy
The political situation in Ukraine in 2013-2015 and the military aggression of the neighboring Russian Federation have led to the adoption of the Ukraine’s 2016 State Budget with a deficit of 3,4% of the projected GDP. The inflation rate is expected to drop to 13% by the end of 2016. The Ukrainian currency exchange rate has been stabilized in 2015-2016 while the economic development has remained stagnant leaving the key assets undervalued.

More Daily economic indicators from the National Bank of Ukraine.