Economy of Ukraine

The economy of Ukraine is a developing social market economy. It possesses many of the components of a major European economy, such as rich farmlands, a well-developed industrial base, highly-trained labour, and a good education system. Ukraine has large mineral deposits across its landmass.

The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the 2008 financial crisis. It grew rapidly from 2000 until the 2008–2009 Ukrainian financial crisis. The economy recovered in 2010 and continued improving until 2013. The Russian incursion in Ukraine caused a severe economic decline from 2014 to 2015, with the country's gross domestic product in 2015 surpassing half of what it was in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.

In October 2013, the Ukrainian economy lapsed into another recession. The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the war in Donbas that started in the spring of 2014 severely damaged Ukraine's economy and two of Ukraine's most industrial regions. In 2013, Ukraine saw zero GDP growth. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession. Despite these improvements, Ukraine remains one of the poorest countries in Europe, which some have attributed to high corruption levels and the slow pace of economic liberalisation and institutional reform. The Russian invasion of Ukraine in 2022 further deteriorated the country's economy.