Economy

Ukraine has a lower-middle income economy, which is the 55th-largest in the world by nominal GDP, and the 40th-largest by PPP. It is one of the world’s largest grain exporters, and is sometimes called the “Breadbasket of Europe”. However, the country is the poorest in Europe alongside Moldova, and is also among the most severely corrupt in the continent. According to the IMF, Ukraine’s GDP per capita by PPP is $13,943. In 2019, the average nominal salary in Ukraine reached ₴10,000 hryvnias per month or around €300, while in 2018, Ukraine’s median wealth per adult was $40, one of the lowest in the world. Approximately 1.1% of Ukrainians lived below the national poverty line in 2019, and unemployment in the country was 4.5% in 2019, while some 5-15% of the Ukrainian population is categorized as middle class. As of September 2020, Ukraine’s government debt is roughly 52% of its nominal GDP.

Ukraine produces nearly all types of transportation vehicles and spacecraft. Antonov airplanes and KrAZ trucks are exported to many countries. The majority of Ukrainian exports are marketed to the European Union and CIS. Since independence, Ukraine has maintained its own space agency, the State Space Agency of Ukraine (SSAU). Ukraine became an active participant in scientific space exploration and remote sensing missions. Between 1991 and 2007, Ukraine has launched six self made satellites and 101 launch vehicles, and continues to design spacecraft.

The country imports most energy supplies, especially oil and natural gas and, to a large extent, depends on Russia as its energy supplier. While 25% of the natural gas in Ukraine comes from internal sources, about 35% comes from Russia and the remaining 40% from Central Asia through transit routes that Russia controls. At the same time, 85% of the Russian gas is delivered to Western Europe through Ukraine.