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EconomyAs far as its economic potential is concerned, Ukraine occupies an intermediate position between its neighbors. Its GDP is less than that of Turkey, Russia and Poland; it is more or less equal to that of Hungary and it exceeds significantly that of the rest neighbor countries (GDP of Ukraine equals to GDP of Bulgaria, Slovakia and Byelorussia together). In GDP industrial structure a share of industry and construction is on average level among the neighbors, a share of agriculture and forestry is much higher (it is less than only in Georgia and Moldova), a share of transport and connections is above average (on the same level as in Byelorussia and Turkey which reflects a significant role of transitional routes in all three countries).

Service industries are less developed than in most neighbor countries (they are superior only to those in Romania, Moldova and Georgia). Agriculture is one of the most significant industries in the economy of Ukraine.

The industrial structure of Ukraine is somewhat heavy-weight. There is an increased share of ferrous metal industry (the first place among the neighbors) and fuel-energy complex (a little less than in Russia).

In connection with is a share of food industry is somewhat less than in most of its Eastern European neighbors but it is higher than in Russia, Byelorussia, Georgia and Turkey.

Below average are shares of chemical and petrochemical industry, forestry and light industry. Ukraine and Kazakhstan close a ten leading coal producing countries in the world (71 million tons). Ukraine also belongs to a group of 7 leading countries in iron ore extraction, smelting of cast iron and steel, production of rolled metal and argil.

Agricultural industry of Ukraine is noted for a balance between crop production (wheat and industrial crops) and animal husbandry. However the latter is declining steadily. Ukraine is a major grain producer (it is among three leading producers of barley). Together with France, Germany and the USA it is a major producer of sugar beet and it surpasses such neighbors as Poland and Turkey. Ukraine also is among seven major producers of sugar, oil and pork in the world.
Dmytro Chernenko
19.10.2009

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