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Economy of Ukraine

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Economy of Ukraine
Currency1 Hryvnia (UAH) = 100 kopiykas
Calendar year
Trade organizations
CIS, GUAM, and WTO
Statistics
GDP$343.754 billion (2012) (PPP)[1] $183.230 billion (2012, nominal)
GDP growth
3% (2012)
GDP per capita
$7,582 (2012) (PPP) $4,042 (2012, nominal)
GDP by sector
agriculture (9.8%), industry (32.3%), services (57.9%) (2009 est.)
9.8% (2010 est.) (12.3% in 2009)[2]
Population below poverty line
35% (2009, CIA) [3]
Labor force
22.06 million (2009 est.)
Labor force by occupation
agriculture 15.8%, industry 18.5%, services 65.7% (2008)
Unemployment7.792 % (2011 est. IMF)[4]
Average gross salary
237 € / 319 $, monthly (Jan-Aug 2011)[5]
Main industries
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing (especially sugar)
External
Exports$49.71 billion (2010 est.)
Export goods
ferrous metals and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Main export partners
Russia 21.1%, Turkey 5.3%, China 3.8% (2009)
Imports$53.54 billion (2010 est.) ($45.05 billion 2009 est.)
Import goods
energy, machinery and equipment, chemicals
Main import partners
Russia 28%, Germany 8.6%, People's Republic of China 6.1%, Kazakhstan 4.9%, Poland 4.9% (2009)
$97.5 billion (31 December 2010 est.)
Public finances
38.4% of GDP (2010 est.)
Revenues$41.18 billion (2009 est.)
Expenses$49.79 billion; note - this is the consolidated budget (2009 est.)
Economic aidrecipient: $409.6 million (2006); International Monetary Fund Extended Funds Facility $2.2 billion (1998)
US$39.311 billion (April 2011)[8]
All values, unless otherwise stated, are in US dollars.
GNI per capita:
  Ukraine (2 800 $)
  Higher GNI per capita compared to Ukraine
  Lower GNI per capita compared to Ukraine

The economy of Ukraine is an emerging free market, with a gross domestic product that fell sharply for the first 10 years of its independence from the Soviet Union and then experienced rapid growth from 2000 until 2008. Formerly a major component of the economy of the Soviet Union, the country's economy experienced a deep recession during the 1990s, including hyperinflation and a drastic fall in economic output. In 1999, at the lowest point of the economic crisis, Ukraine's per capita GDP was about half of the per capita GDP it achieved before independence. GDP growth was first registered in 2000, and continued for eight years. In 2007 the economy continued to grow and posted real GDP growth of 7%.[9] In 2008, Ukraine's economy was ranked 45th in the world according to 2008 GDP (nominal) with the total nominal GDP of 188 billion USD, and nominal per capita GDP of 3,900 USD.

However Ukraine was greatly affected by the economic crisis of 2008 and as a result a 15.1% decrease in Ukraine's GDP took place over 2008 and 2009.[10] Inflation slowed in July 2009 and stayed at about 8% since.[11] The Ukrainian currency, which had been pegged at a rate of 5:1 to the U.S. dollar, was devalued to 8:1, and was stabilized at that ratio.

There was 3% unemployment at the end of 2008; over the first 9 months of 2009, unemployment averaged 9.4%.[12] The final official unemployment rates over 2009 and 2010 where 8.8% and 8,4%.[10] Although according to the CIA World Factbook in Ukraine there are "large number of unregistered or underemployed workers".[10]

The Ukrainian economy recovered in the first quarter of 2010.[13] Ukraine's real GDP growth in 2010 was 4.3%, leading to per capita PPP GDP of 6,700 USD.[10] The resumed growth has been helped by growth in neighbouring Russia, which is by far the country's largest trading partner and export market, and to a lesser extent Turkey.

Ukrainian politicians have estimated that 40% of its economy is in fact shadow economy.[14][15]

Overview

List of major companies, not considering banks and insurance companies

Seth Seth Seth Stuffthestuff ="text-align:center;"| Revenue
(Mln.
 UAH) || style="text-align:center;"| Profit
(Mln.
 UAH) || style="text-align:center;"| Employees
1. Naftogaz Ukrainy Kiev 61,968.5 11,670.3 682
2. EnergoRynok Kiev 40,527.2 183.4 26
3. Gaz of Ukraine (subsidiary of Naftogaz Ukrainy) Kiev 31,179.0 128.3 171,500
4. Metinvest Donetsk 30,185.2 1,410.6 408
5. Kryvorizhstal Kryvyi Rih 22,102.9 4,676.5 42,094
6. Ilyich Steel & Iron Works Mariupol 21,727.1 1,362.1 54,945
7. Azovstal Steel Works Mariupol 21,235.3 1,959.1 20,518
8. Alchevsk Steel & Iron Works Alchevsk 15,322.1 −350.4 17,900
9. TNK-BP Kommers Kiev 14,816.9 −484.0 427
10. Lysychansk Petroleum Investment Lysychansk 14,485.7 −794.1 3,743
11. DTEK (Donbass Energy) Kiev 12,968.7 1,985.0 290
12. Donetskstal Metallurgy Donetsk 12,911.5 −360.1 10,966
13. Kyivstar Kiev 12,799.3 5,559.2 4,905
14. ZAZ Automobile Zaporizhia 12,753.5 −390.6 14,943
15. Donbass Industrial Union Donetsk 12,583.5 511.9 519

Ukraine is subdivided into nine economic regions: Carpathian, Northwestern, Podillya, Capital, Central-Ukrainian, Northeastern, Black-Sea-Coastal, Trans-Dnieper, and Donetsk. Those regions were redrawn from the three Soviet economic regions of the Ukrainian SSR: Donetsk-TransDnieper, Southwestern, and Southern.

In 1910, Ukraine's GDP was estimated at 7 per cent of USA[citation needed] (about the same size as the Netherlands). By 2010, Ukraine's GDP had shrunk to 1 per cent of USA. The nation has many of the components of a major European economy - rich farmlands, a well-developed industrial base, highly trained labour, and a good education system. At present, however, the economy remains in poor condition.

While Ukraine registered positive economic growth beginning in 2000, this came on the heels of eight straight years of sharp economic decline. As a result, the standard of living for most citizens has declined more than 50% since the early 1990s, leading to a relatively high poverty rate. The macroeconomy is stable, and the hyperinflation of the 1990s has subsided.[citation needed] Ukraine's currency, the hryvnia, was introduced in September 1996.[16] The economy has continued to grow thanks to exports since 2000, although at uneven speed and being highly affected (circa -15% GDP growth) by the late-2000s recession and the 2008–2009 Ukrainian financial crisis. In general, growth has been undergirded by strong domestic demand, low inflation, and solid consumer and investor confidence.

Economic growth by years

Ukraine's GDP real annual growth rate 1990 - 2011

2000 5.9%
2001 9.2%
2002 5.2%
2003 9.6%
2004 12.1%
2005 2.7%
2006 7.3%
2007 7.9%
2008 2.1%
2009 -14.8%
2010 4.2%
2011 5.2% [17]

Natural resources

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear fuel raw materials.[citation needed]

Light industries

Agriculture

Ukrainian wheat harvest.

Ukraine is the world's largest producer of sunflower oil,[18] a major global producer of grain and sugar, and future global player on meat and dairy markets. It is also one of the largest producers of nuts. Ukraine also produces more natural honey than any other European country. Because Ukraine possesses 30% of the world's richest black soil, its agricultural industry has a huge potential. However, farmland remains the only major asset in Ukraine that is not privatized, hampering access to international investments and best farming technology.[19] The agricultural industry in Ukraine is already highly profitable, with 40-60% profits,[19] but according to analysts its outputs could still rise up to fourfold.[20]

Forestry, fishing and others

Heavy industries

Metal mining and production

Iron mining

Ukraine is rich in mineral deposits, including iron ore (of which it once produced 50 percent of the entire Soviet output), manganese ore (of which it produced 40 percent of world output during the Soviet era), mercury, titanium, and nickel.

Ukraine is one of the world's most important mineral producing countries, in terms of both the range and size of its reserves. There are nearly 8,000 separate deposits, harboring some 90 different minerals, of which about 20 are economically significant. About half of all the known deposits are under exploitation. Coal reserves in Ukraine amount to 47.1 billion tons. The annual domestic demand for coal as fuel is about 100 million tons, of which 85 percent can be satisfied by domestic production. Ukraine has oil and gas fields that meet 10 percent of her oil and 20 percent of her gas consumption, respectively. Ukraine contains natural gas reserves of 39.6 trillion cubic feet, but only about 20 percent of the country's demand is met by domestic production. Deposits of iron ore (estimated at 28 billion tons), manganese ore (3 billion tons), chalk and limestone (1.5 billion tons) are also large in Ukraine. The domestic industrial sector suffers from constant energy shortages and energy supply payment debts totaling about $792 million at the end of 1995.

Steel production

Ukraine has a major ferrous metal industry, producing cast iron, steel and pipes. Among its economy leading companies in that field are Metinvest, Kryvorizhstal, AzovStal, Ilyich Steel & Iron Works, and others. As of 2010, Ukraine was the world's eighth largest steel producer (according to World Steel Association). Another important branch is the country's chemical industry which includes the production of coke, mineral fertilizers and sulfuric acid. Manufactured goods include metallurgical equipment, diesel locomotives, tractors, and automobiles. The country possesses a massive high-tech industrial base, including much of the former USSR's electronics, arms industry and space program. However, these fields are state-owned and economically underdeveloped.

Strategic and defense complex

Ukraine is also among the top 10 arms exporters in the world. The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders, after the United States, Russian Federation, France, Germany and Israel.[21] The output of Ukrainian defense plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%).[21]

Fuel and energy complex

See also: Natural gas in Ukraine

Fuel industry

Ukraine imports 90% of its oil and most of its natural gas. Russia ranks as Ukraine's principal supplier of oil, and Russian firms now own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia - which delivers its own gas, as well as the gas from Turkmenistan. Instead, Ukraine is transporting Russian gas to the EU through its well-developed gas pipelines system, being Europe's vitally important connection. The country's dependence on Russian gas supplies dramatically affects its economics and foreign policy, especially after the recent major gas dispute.

However, Ukraine is independent in its electricity supply, moreover, exporting it to Russia and other countries of Eastern Europe. This is achieved through a wide use of nuclear power and hydroelectricity. The recent energy strategy intends gradual decreasing of gas- and oil-based generation in favor of nuclear power, as well as energy saving measures, shortening of industrial gas consumption. Reform of the still inefficient and opaque energy sector is a major objective of the International Monetary Fund (IMF) and World Bank programs with Ukraine.

Ukraine is a partner country of the EU INOGATE energy programme, which has four key topics: enhancing energy security, convergence of member state energy markets on the basis of EU internal energy market principles, supporting sustainable energy development, and attracting investment for energy projects of common and regional interest.[22]

Infrastructure

Transportation

About 100,000 Ukrainians regularly sail across the world on foreign ships, one of the largest group of Ukrainian labor migrants and the sixth largest number of sailors from any country.[23] They are attracted by the relatively high salaries of more than $1,000 per month.[23]

Every major Ukrainian coastal city has a maritime university.[23]

Communications

Trade

The EU is Ukraine's largest trading partner, with 27.1% of exports and 33.7% of imports in 2008; and trade with EU has seen strong double-digit growth in recent years.[24] The Russian Federation is Ukraine's second largest trading partner, with 21.1% of exports and 28% of imports in 2009.[10] An overcrowded world steel market[citation needed] threatens prospects for Ukraine's principal exports of non-agricultural goods such as ferrous metals and other steel products. Although exports of machinery and machine tools are on the rise, it is not clear if the rate of increase is large enough to make up for probable declines in steel exports, which today account for 46% of the country's overall exports.[citation needed]

Ukraine's "business climate" has a very negative reputation.[25]

Tourism

Shopping tourism

Ukraine's western neighbours (Poles, Slovaks, Hungarians and even Belarusians) are known to come to Ukraine to purchase products and presents, such as food or gasoline, that are cheaper in Ukraine than in their home countries.[26]

Dental tourism

In the past 20 years many modern dental clinics with high quality dentistry equipment, high quality materials and effective anesthetics were established in Ukraine. They provide patients with high quality dentistry services. But for all that, prices in Ukraine are much cheaper in comparison with Western and Russian clinics. A lot of tourists from USA, European Union and Russia provide a sort of dental tourism.[citation needed]

Recreational tourism and sightseeing

Financing, banking, investments

Investments

In 1992, Ukraine became a member of the IMF and the World Bank. It is a member of the European Bank for Reconstruction and Development.

In 2008 the country joined World Trade Organization. Ukraine applied for WTO membership in 1993, but its accession process was stalled for 15 years. The IMF approved a $2.2 billion Extended Fund Facility (EFF) with Ukraine in September 1998. In July 1999, the 3-year program was increased to $2.6 billion. Ukraine's failure to meet monetary targets and/or structural reform commitments caused the EFF to either be suspended or disbursements delayed on several occasions. The last EFF disbursement was made in September 2001. Ukraine met most monetary targets for the EFF disbursement due in early 2002; however, the tranche was not disbursed due to the accumulation of a large amount of VAT refund arrears to Ukrainian exporters which amounted to a hidden budget deficit. The EFF expired in September 2002, and the Ukrainian Government and IMF began discussions in October 2002 on the possibility and form of future programs.

A political crisis in the middle of 2006 was feared as a threat to economic and investment stability, however, despite the forecasts, the political situation has not scared investors. The GDP showed a good growth rate of 7% in 2007, compared to the previous year. Industrial output has increased. Car sales soared, while the banking sector has expanded, thanks to the arrival of European banks.

In May 2010 Ukraine was the third largest borrower of the IMF, following Hungary ($11.6 billion) and Romania ($12.5 billion). The IMF granted Ukraine a $16.4 billion loan in October 2008,[27] of which the government has so far received $10.6 billion.[28][29] Further payments were frozen late 2009 after Ukraine raised minimum wages and pensions contrary to IMF recommendations.[30]

On July 28, 2010 the IMF approved a 29-month $15.15 billion loan to Ukraine.[31] Among others this led to a 50 percent increase on household natural gas utility prices in July 2010 for Ukrainian consumers (a key demand of the IMF in exchange of the loan).[32][33]

Foreign direct investment

Ukraine encourages foreign trade and investment. The Parliament of Ukraine has approved[citation needed] a foreign investment law allowing Westerners to purchase businesses and property, to repatriate revenue and profits, and to receive compensation if the property is nationalized by a future government. However, complex laws and regulations, poor corporate governance, weak enforcement of contract law by courts, and corruption all continue to stymie direct large-scale foreign investment in Ukraine. While there is a functioning stock market, the lack of protection for shareholders' rights severely restricts portfolio investment activities. As of April 2011 total foreign direct investment stock in Ukraine stood at $44.7 billion.[34]

State enterprise InvestUkraine was created[35] under the State Agency for Investment and National Projects (National Projects)[36] to serve as a One Stop Shop for investors and to deliver investment consulting services.

Ukraine signed a shale gas exploitation deal with Royal Dutch Shell on 25 January 2013.[37] The $10 deal was the largest foreign direct investment ever for Ukraine.[37]

Monetary policy and banking

Stock exchange

See also: Stock exchanges in Ukraine

Insurance business and companies

Since the late 1990s,[citation needed] the government has pledged to reduce the number of government agencies, streamline the regulatory process, create a legal environment to encourage entrepreneurs, and enact a comprehensive tax overhaul. Outside institutions — particularly the International Monetary Fund[citation needed] — have encouraged Ukraine to quicken the pace and scope of reforms and have threatened to withdraw financial support. But reforms in some politically sensitive areas of structural reform and land privatizations are still lagging.[citation needed]

On June 24, 2010 Ukraine's Foreign Minister Kostyantyn Hryshchenko signed an agreement on free trade with the European Free Trade Association (EFTA).[38]

According to specialists, a double taxation avoidance treaty with Cyprus (signed in 1982 by the Soviet Union) has cost Ukraine billions of US dollars of tax revenues.[39][40]

See also: 2008–2009 Ukrainian financial crisis

Foreign workers

A number of foreign guest workers come to work in Ukraine, mainly in seasonal farm work and construction industry, especially from neighboring Moldova and Belarus.[41][42] Meanwhile, large numbers of Ukrainian guest-workers work in EU countries. An influx of cheap migrant labor from Central and East Asia and Africa is also expected in Ukraine in 2011-12, due to labor shortages during the construction rush leading up to the Euro 2012 championship that took place in Ukraine (and co-host Poland).[42]

Environmental issues

Ukraine is interested in cooperating on regional environmental issues. Conservation of natural resources is a stated high priority, although implementation suffers from a lack of financial resources. Ukraine established its first nature preserve, Askania-Nova, in 1921 and has programs to breed endangered species.

The country has significant environmental problems, especially those resulting from the Chernobyl nuclear power plant disaster in 1986 and from industrial pollution. In accordance with its previously announced plans, Ukraine permanently closed the Chernobyl Atomic Energy Station in December 2000. In November 2001, Ukraine withdrew an application it had made to the EBRD for funding to complete two new reactor units to compensate for the energy once produced by Chernobyl. Ukrainian concern over reform conditions attached to the loan - particularly tariff increases needed to ensure loan repayment—led the Ukrainian government to withdraw the application on the day the EBRD Board was to have considered final approval. Work on the so-called "object shelter" to permanently entomb the reactor where the world's worst nuclear accident occurred has been slower than anticipated but continues. Design work as well as structural improvements to the "sarcophagus" erected by the Soviet Union are largely complete, and construction on the new shelter is scheduled to begin in 2004.

Ukraine also has established a Ministry of Environment and has introduced a pollution fee system that levies taxes on air and water emissions and solid waste disposal. The resulting revenues are channelled to environmental protection activities, but enforcement of this pollution fee system is lax.

Miscellaneous data

Graphical depiction of Ukraine's product exports in 28 color coded categories.

Household income or consumption by percentage share:

  • lowest 10%: 3.4% (2006)[43]
  • highest 10%: 25.7% (2006)[43]

Industrial production growth rate: 6% (2007 est.),[43] 6.5 (2008)[44][45]

Electricity:

  • production: 192.1 billion kWh (2006)
  • consumption: 181.9 billion kWh (2006)
  • export: 10.07 billion kWh (2005)
  • import: 20 billion kWh (2006)

Electricity - production by source:

  • fossil fuel: 48.6%
  • hydro: 7.9%
  • nuclear: 43.5%
  • other: 0% (2001)

Oil:

  • production: 90,400 barrels per day (14,370 m3/d) (2006)
  • consumption: 284,600 barrels per day (45,250 m3/d) (2006)
  • exports: 214,600 barrels per day (34,120 m3/d) (2004)
  • imports: 469,600 barrels per day (74,660 m3/d) (2004)
  • proved reserves: 395,000,000 barrels (62,800,000 m3) (1 January 2006 est.)

Natural gas:

  • production: 20.85 billion cubic m (2006 est.)
  • consumption: 73.94 billion cubic m (2006 est.)
  • exports: 4 billion cubic m (2006 est.)
  • imports: 57.09 billion cubic m (2006 est.)
  • proved reserves: 1.075 trillion cubic m (1 January 2006 est.)

Agriculture - products: grain, sugar beets, sunflower seeds, vegetables, beef, milk

Exchange rates: hryvnia per US$1 – 7.97 (2009), 5.05 (2007), 5.05 (2006), 5.13 (2005), 5.33 (May 2004), 5.30 (October 2002), 5.59 (February 2000), 5.3811 (January 2000), 4.1304 (1999), 2.4495 (1998), 1.8617 (1997), 1.8295 (1996), 1.4731 (1995)

Minimum wage: 625 hryvnia per month (as of April 1, 2009),[46][47] 649 hryvnia/month (Sep. 2008), 669 hryvnia/month (Sep. 2009)[44]

Average salary by region

Further information: List of Ukrainian oblasts and territories by salary

See also

References

  1. ^ [1], IMF (2012)
  2. ^ Inflation in Ukraine falls to 0.9% in December, totals 12.3% in 2009, says State Statistics Committee, Interfax-Ukraine (January 6, 2010)
  3. ^ https://www.cia.gov/library/publications/the-world-factbook/geos/up.html
  4. ^ Cite error: The named reference www.IMF.org was invoked but never defined (see the help page).
  5. ^ http://www.ukrstat.gov.ua/
  6. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  7. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  8. ^ "International Reserves and Foreign Currency Liquidity - UKRAINE". International Monetary Fund. 20 May 2011. Retrieved 31 May 2011.
  9. ^ Ukraine. Macroeconomic indicators National Bank of Ukraine
  10. ^ a b c d e Ukraine Economy - GDP real growth rate. CIA World Factbook Cite error: The named reference "CIAFactbook" was defined multiple times with different content (see the help page).
  11. ^ Ukraine Inflation Rate Slows to 8.2% After Hryvnia Stabilizes, Bloomberg.com (February 7, 2011)
  12. ^ Unemployment lower in Ukraine against EU countries - UKRINFORM, January 12, 2009
  13. ^ Ukraine - Macroeconomic situation - April 2010, UNIAN (May 19, 2010)
  14. ^ N. Korolevskaya: Ukraine Needs a Single Anti-Corruption Project, Foundation for Effective Governance
  15. ^ Azarov: Shadow trade accounts for 40% of domestic market, Interfax Ukraine (7 December 2011)
  16. ^ President's Decree dated August 26, 1996, published on August 29
  17. ^ Ukraine Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Ukraine; country and population overview
  18. ^ German expert: Sunflower oil grows in price in Ukraine due to its low world reserves [UkrAgroConsult - BlackSeaGrain]
  19. ^ a b Ukraine: Land market, formation, development trends - Farmland now remains almost the only big asset that is not actually privatized yet [Black Sea Grain]
  20. ^ Russia's Collective Farms - Hot Capitalist Property [New York Times]
  21. ^ a b Ukraine may become world's sixth biggest arms trader [Kyiv Post]
  22. ^ INOGATE website
  23. ^ a b c High Seas Danger, Kyiv Post (24 February 2012)
  24. ^ EU-Ukraine bilateral trade [Delegation of the European Union to Ukraine]
  25. ^ Ukraine rebukes EU envoy for comments on business climate, Kyiv Post (28 February 2012)
  26. ^ Shopping tours gaining pace in Ukraine, Radio Ukraine (December 23, 2009)
  27. ^ IMF Props Up Hungary and Ukraine as Crisis Continues, Spiegel.de (October 27, 2008)
  28. ^ Government to direct most of International Monetary Fund's loan to currency reserves, Kyiv Post (May 12, 2010)
  29. ^ Ukraine, IMF yet to agree on size of loan, RIA Novosti (May 12, 2010)
  30. ^ UPDATE 2-Ukraine seeks to overhaul IMF deal, tough talks ahead, Reuters (March 24, 2010)
  31. ^ IMF Executive Board Approves US$15.15 Billion Stand-By Arrangement for Ukraine, International Monetary Fund (July 28, 2010)
  32. ^ With IMF deal done, Yanukovych’s challenges still ahead, Kyiv Post (July 29, 2010)
  33. ^ Gas price hike to raise tension in Ukraine, Kyiv Post (July 29, 2010)
  34. ^ http://www.ukrstat.gov.ua/operativ/operativ2007/zd/zd_rik/zd_u/pi_07u.html
  35. ^ http://zakon.nau.ua/doc/?uid=1041.36214.0
  36. ^ http://zakon.rada.gov.ua/cgi-bin/laws/main.cgi?nreg=570-2010-%EF
  37. ^ a b Ukraine set to sign landmark $10 billion shale gas deal with Shell, Reuters (24 January 2013)
    Shell for shale: Ukraine signs major deal, Euronews (25 January 2013)
    UPDATE 1-Ukraine signs landmark $10 bln shale gas deal with Shell, Reuters (24 January 2013)
  38. ^ Ukraine signs agreement on free trade zone with EFTA, Kyiv Post (June 24, 2010)
  39. ^ High Price Of Havens, Kyiv Post (July 29, 2010)
  40. ^ The Money Carousel, Kyiv Post (9 December 2011)
  41. ^ Moldova’s economic exiles, Le Monde
  42. ^ a b Uzbek, Vietnamese workers may flood Ukraine next year, Kyiv Weekly (August 18, 2010)
  43. ^ a b c "Ukraine". CIA World Factbook. May 14, 2008. Retrieved 2008-05-14.
  44. ^ a b "Ukraine". Ukrainian State Committee of Statistics. February 14, 1009. Retrieved 2009-02-14.
  45. ^ The data for the 2009 fiscal year is missing due to the fact that Ukrainian State Committee of Statistics is transitioning for the international standards of accounting.
  46. ^ Cabinet Of Ministers Increases Salaries Of Heads And Officials Of Rural And Village Councils By 50%, Ukrainian News Agency (May 27, 2009)
  47. ^ Monthly gross statutory minimum wage rates, Federation of European Employers
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