Экономика Украины

Основная информация

  • Столица: Киев
  • Президент: Владимир Зеленский
  • Телефонный код: +380
  • Население: 45.4 млн. (2013)
  • Валюта: Украинская гривна (грн)
  • ВВП на душу населения: 2,192 $ (2016)

Украина является второй по величине страной в Европе. Ее территория расположена в юго-восточной части континента: на западе и юго-западе Украина граничит с Польшей, Словакией, Венгрией, Румынией и Молдовой, на севере и востоке — с Белоруссией и Россией, а на юге омывается водами Черного и Азовского морей. Общая площадь государства составляет 603 700 км2.

Ключевые макроэкономические индикаторы:

  Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
Реальный сектор
Real Industrial Output (e-o-p; y-o-y; %) 3.7% 0.8% (0.7%) 2.0% (0.4%) (2.8%) (3.3%) (1.8%) 2.1% 5.2% 1.6% (2.3%) -
Real Agricultural Output (e-o-p; y-o-y; %) (11.2%) 9.0% 11.4% 28.5% (7.6%) 2.7% 3.0% 3.6% 3.5% (0.2%) 0.8% 12.2% -
Av. Wage ($/month) 343 317 320 327 323 382 332 349 376 388 381 412 -
Prices
Consumer Price Index (e-o-p; % y-o-y) 8.9% 9.0% 8.9% 9.5% 10.0% 9.8% 9.2% 8.8% 8.6% 8.8% 9.6% 9.0% 9.1%
Core Inflation Index (e-o-p.; % y-o-y) 8.8% 8.7% 8.7% 8.8% 8.9% 8.7% 8.3% 7.8% 7.6% 7.4% 7.4% 7.4% 7.4%
Producer Price Index (e-o-p; % y-o-y) 18.1% 19.3% 18.9% 16.6% 16.5% 14.2% 10.4% 10.2% 8.9% 7.3% 8.5% 4.5% 6.7%
External Sector
C/A Balance (cum.; $bn) (1.6) (2.0) (3.4) (4.1) (4.2) (4.3) 0.6 0.4 (0.0) (0.1) 0.2 (0.3) -
C/A Balance (12m trailing; % of GDP) - - (3.4%) - - (3.3%) - - (2.7%) - - - -
Trade Balance (cum.; $bn) (5.5) (6.5) (8.1) (9.6) (10.5) (11.3) (0.1) (1.1) (1.8) (2.6) (3.2) (4.4) -
Total Exports (cum.; $bn) 33.2 38.4 43.1 48.4 53.8 59.1 5.0 9.8 15.1 20.2 25.9 30.6 -
Exports Growth (cum.; % y-o-y) 11.8% 11.5% 10.2% 10.1% 9.9% 9.7% 10.9% 9.6% 9.1% 7.6% 8.9% 7.3% -
Total Imports (cum.; $bn) 38.7 44.9 51.2 58.0 64.3 70.4 5.1 10.9 16.9 22.8 29.1 35.0 -
Imports Growth (cum.; % y-o-y) 14.2% 13.8% 14.0% 14.5% 14.0% 12.6% 1.3% 8.0% 7.5% 8.4% 8.6% 8.0% -
Net Income Balance (cum.; $bn) 1.7 2.1 2.0 2.5 3.0 3.3 0.5 1.1 1.0 1.4 2.0 2.5 -
Net Current Transfers (cum.; $bn) 2.1 2.4 2.7 3.0 3.3 3.7 0.3 0.5 0.8 1.1 1.3 1.6 -
Cap. & Fin. Accounts Balance (cum.; $bn) 1.8 2.2 3.0 3.8 5.3 7.2 (0.7) (0.8) 0.4 0.4 (0.6) 1.0 -
Public Finances
Consolidated Revenues (cum.; UAH bn)2 644 761 849 945 1,067 1,176 74 166 273 410 539 641 -
Consolidated Revenues (cum.; % y-o-y)2 19.9% 19.4% 19.4% 18.9% 19.2% 19.2% 3.6% 12.9% 10.9% 20.3% 17.2% 14.6% -
Consolidated Spending (cum.; UAH bn) 645 735 843 938 1,053 1,252 74 163 284 394 507 622 -
Consolidated Spending (cum.; % y-o-y) 25.3% 22.8% 20.5% 18.3% 18.2% 18.2% 46.3% 23.6% 12.7% 13.0% 11.8% 11.6% -
Consolidated Balance (cum.; UAH bn)2 (0) 26 7 7 14 (76) (0) 3 (10) 16 32 20 -
General Gov't Balance (12m trail.; % GDP)3 (3.2%) (2.8%) (2.6%) (2.3%) (2.3%) (2.2%) (2.6%) (2.2%) (2.2%) (1.3%) (1.3%) (1.5%) -
Total Public Debt ($bn) 76 75 75 74 75 78 78 78 79 80 78 80 -
Total Public Debt (% of 12m trailing GDP) 61.5% 63.2% 62.1% 60.6% 60.5% 60.9% 60.4% 58.2% 58.6% 57.1% 56.1% 55.4% -
Domestic Public Debt ($bn) 28 27 27 27 27 28 28 28 28 30 30 30 -
External Public Debt ($bn) 47 48 48 47 48 50 50 50 50 50 49 50 -
Debt to IMF ($bn) 13 12 12 12 12 13 13 13 12 12 12 12 -
Monetary & Banking Indicators
Monetary Base (e-o-p; UAH bn) 421 422 424 425 433 436 429 423 424 437 429 445 436
Monetary Base Growth(% y-o-y) 10.8% 11.3% 13.6% 12.9% 14.2% 9.2% 9.3% 4.5% 7.8% 6.0% 5.3% 6.0% 3.7%
Money Supply (M3; e-o-p; UAH bn) 1,230 1,233 1,249 1,245 1,229 1,278 1,258 1,255 1,253 1,264 1,260 1,289 1,313
Money Supply Growth (M3; % y-o-y) 10.3% 11.7% 11.1% 10.6% 8.8% 5.7% 7.0% 7.3% 7.2% 6.1% 5.2% 6.3% 6.7%
Total Credits (e-o-p; UAH bn) 1,042 1,088 1,100 1,105 1,117 1,070 1,057 1,034 1,052 1,044 1,026 1,022 1,007
Credits Growth (%; y-o-y) 9.3% 13.8% 13.1% 11.9% 13.1% 5.4% 1.0% 0.2% 2.2% 1.3% (0.9%) (0.2%) (3.4%)
Total Deposits (e-o-p; UAH bn) 880 887 898 894 873 910 906 908 906 909 907 926 951
Deposits Growth (%; y-o-y) 9.6% 11.5% 9.9% 9.4% 6.6% 3.9% 5.9% 7.0% 7.2% 5.7% 5.1% 6.9% 8.1%
Credit Rates (avg.; UAH; % p.a.) 17.9% 18.8% 20.7% 20.5% 20.7% 21.9% 21.0% 18.9% 18.9% 19.1% 19.4% 19.4% -
Deposit Rates (avg.; UAH; % p.a.) 11.9% 12.2% 12.7% 13.3% 14.0% 14.2% 13.4% 13.4% 13.4% 13.0% 13.0% 13.0% -
Forex
NBU Intervention ($bn) (0.1) (0.7) 0.1 0.2 0.2 0.3 0.1 0.3 0.2 0.3 0.2 0.3 1.3
Gross F/X Reserves ($bn) 17.7 17.2 16.6 16.7 17.7 20.8 20.8 20.2 20.6 20.5 19.4 20.6 21.8
Gross F/X Reserves (m. of imports) 3.2 3.0 2.9 2.9 3.0 3.5 3.5 3.4 3.5 3.4 3.2 3.4 3.6
UAH:USD (official rate; e-o-p) 26.76 28.28 28.30 28.16 28.39 27.69 27.76 26.99 27.25 26.49 26.87 26.18 25.09
UAH:USD (official rate; avg.) 26.39 27.50 28.19 28.12 27.95 27.74 27.89 27.14 26.84 26.79 26.37 26.49 25.74
UAH:USD (market rate; e-o-p) 26.92 28.25 28.23 28.19 28.18 27.74 27.63 26.88 27.31 26.40 26.85 26.15 25.12
UAH:USD (market rate; avg.) 26.43 27.57 28.18 28.11 27.94 27.71 27.90 27.10 26.87 26.73 26.38 26.45 25.69
Notes: 1) nominal GDP in U.S. dollars was estimated based on official exchange rate; 2) 2014 data are adjusted for UAH 6.9bn of VAT bonds, 2015 data are adjusted for UAH 6.1bn of receipts from sales of 3G licenses (out of UAH 8.8bn total), which are counted below the line according to international standards; 3) includes central budget, local budgets and Pension Fund, excludes Naftogaz Ukrainy and bank rehabilitation costs; Source: Government statistics, National Bank of Ukraine, Dragon Capital estimates
  2Q18 3Q18 4Q18 1Q19 2Q19
Реальный сектор
Реальный ВВП (% г/г) 3.8% 2.8% 3.5% 2.5% 4.6%
Household Consumption (y-o-y; %) 6.9% 11.7% 8.5% 10.7% -
Gross Fixed Capital Formation (y-o-y; %) 17.6% 13.2% 10.2% 17.4% -
Nominal GDP (UAH bn)1 811 995 1,048 808 -
Nominal GDP ($bn) 31 37 38 30 -
Real Industrial Output (e-o-p; y-o-y; %) 3.2% 1.3% (0.4%) (1.0%) 1.5%
Real Agricultural Output (e-o-p; y-o-y; %) 12.8% 3.1% 7.9% 3.4% 4.3%
Av. Wage ($/month) 335 327 344 352 394
Prices
Consumer Price Index (e-o-p; % y-o-y) 9.9% 8.9% 9.8% 8.6% 9.0%
Core Inflation Index (e-o-p.; % y-o-y) 9.0% 8.7% 8.7% 7.6% 7.4%
Producer Price Index (e-o-p; % y-o-y) 18.4% 18.9% 14.2% 8.9% 4.5%
External Sector
C/A Balance (cum.; $bn) (0.7) (3.4) (4.3) (0.0) (0.3)
C/A Balance (12m trailing; % of GDP) (2.3%) (3.4%) (3.3%) (2.7%) -
Trade Balance (cum.; $bn) (3.9) (8.1) (11.3) (1.8) (4.4)
Total Exports (cum.; $bn) 28.5 43.1 59.1 15.1 30.6
Exports Growth (cum.; % y-o-y) 11.4% 10.2% 9.7% 9.1% 7.3%
Total Imports (cum.; $bn) 32.4 51.2 70.4 16.9 35.0
Imports Growth (cum.; % y-o-y) 12.9% 14.0% 12.6% 7.5% 8.0%
Net Income Balance (cum.; $bn) 1.4 2.0 3.3 1.0 2.5
Net Current Transfers (cum.; $bn) 1.8 2.7 3.7 0.8 1.6
Cap. & Fin. Accounts Balance (cum.; $bn) 1.0 3.0 7.2 0.4 1.0
Gross Ext. Debt ($bn) 114 114 115 114 -
Public Finances
Consolidated Revenues (cum.; UAH bn) 2 560 849 1,176 273 641
Consolidated Revenues (cum.; % y-o-y) 2 20.0% 19.4% 19.2% 10.9% 14.6%
Consolidated Spending (cum.; UAH bn) 557 843 1,252 284 622
Consolidated Spending (cum.; % y-o-y) 25.5% 20.5% 18.2% 12.7% 11.6%
Consolidated Balance (cum.; UAH bn) 2 3 7 (76) (10) 20
General Gov't Balance (12m trail.; % GDP)3 (3.0%) (2.6%) (2.2%) (2.2%) (1.5%)
Total Public Debt ($bn) 76 75 78 79 80
Total Public Debt (% of 12m trailing GDP) 62.0% 62.1% 60.9% 58.6% 55.4%
Domestic Public Debt ($bn) 29 27 28 28 30
External Public Debt ($bn) 47 48 50 50 50
Debt to IMF ($bn) 13 12 13 12 12
Monetary & Banking Indicators
Monetary Base (e-o-p; UAH bn) 420 424 436 424 445
Monetary Base Growth(% y-o-y) 10.0% 13.6% 9.2% 7.8% 6.0%
Money Supply (M3; e-o-p; UAH bn) 1,213 1,249 1,278 1,253 1,289
Money Supply Growth (M3; % y-o-y) 9.9% 11.1% 5.7% 7.2% 6.3%
Total Credits (e-o-p; UAH bn) 1,023 1,100 1,070 1,052 1,022
Credits Growth (%; y-o-y) 7.3% 13.1% 5.4% 2.2% (0.2%)
Total Deposits (e-o-p; UAH bn) 866 898 910 906 926
Deposits Growth (%; y-o-y) 9.0% 9.9% 3.9% 7.2% 6.9%
Credit Rates (avg.; UAH; % p.a.) 18.0% 20.7% 21.9% 18.9% 19.4%
Deposit Rates (avg.; UAH; % p.a.) 11.5% 12.7% 14.2% 13.4% 13.0%
Forex
NBU Intervention ($bn) 0.5 (0.7) 0.8 0.6 0.8
Gross F/X Reserves ($bn) 18.0 16.6 20.8 20.6 20.6
Gross F/X Reserves (m. of imports) 3.3 2.9 3.5 3.5 3.4
UAH:USD (official rate; e-o-p) 26.33 28.30 27.69 27.25 26.18
UAH:USD (official rate; avg.) 26.18 27.36 27.94 27.29 26.55
UAH:USD (market rate; e-o-p) 26.35 28.23 27.74 27.31 26.15
UAH:USD (market rate; avg.) 26.18 27.39 27.92 27.29 26.52
Notes: 1) nominal GDP in U.S. dollars was estimated based on official exchange rate; 2) 2014 data are adjusted for UAH 6.9bn of VAT bonds, 2015 data are adjusted for UAH 6.1bn of receipts from sales of 3G licenses (out of UAH 8.8bn total), which are counted below the line according to international standards; 3) includes central budget, local budgets and Pension Fund, excludes Naftogaz Ukrainy and bank rehabilitation costs; Source: Government statistics, National Bank of Ukraine, Dragon Capital estimates
  2016 2017 2018 2019E 2020F
Реальный сектор *** ***
Рост реального ВВП (% г/г) 2.4% 2.5% 3.3% *** ***
Nominal GDP (UAH bn) 2,385 2,983 3,559 *** ***
Nominal GDP ($bn) 93 112 131 *** ***
GDP per Capita (at F/X rate; $) 2,192 2,647 3,102 *** ***
Real Industrial Output (y-o-y; %) 2.4% 0.4% 1.6% *** ***
Real Agricultural Output (y-o-y; %) 6.1% (2.7%) 7.8% *** ***
Average Wage ($/month) 203 267 328 *** ***
Unemployment (by ILO methodology; %) 9.3% 9.5% 8.8% *** ***
Prices *** ***
Consumer Price Index (e-o-p; y-o-y; %) 12.4% 13.7% 9.8% *** ***
Consumer Price Index (avg.; y-o-y; %) 13.9% 14.4% 10.9% *** ***
GDP Deflator (y-o-y; %) 17.1% 22.0% 15.4% *** ***
External Sector *** ***
Current Account Balance ($bn) (1.3) (2.4) (4.3) *** ***
Current Account Balance (% of GDP) (1.4%) (2.2%) (3.3%) *** ***
Exports ($bn) 46.0 53.8 59.1 *** ***
Imports ($bn) 52.5 62.4 70.4 *** ***
Net FDI Inflow ($bn) 3.3 2.6 2.4 *** ***
Net FDI Inflow (% of GDP) 3.5% 2.3% 1.8% *** ***
Gross External Debt ($bn) 113 - - *** ***
Gross External Debt (% of GDP) 121% - - *** ***
Public Finances** *** ***
General Government Revenues (% of GDP) 37.4% 39.3% 39.5% *** ***
General Government Spending (% of GDP) 39.7% 41.6% 41.8% *** ***
General Government Balance (% of GDP) (2.3%) (2.4%) (2.3%) *** ***
Primary Balance (% of GDP) 1.9% 1.4% 1.7% *** ***
Naftogaz Balance (% of GDP) 0.0% 0.0% 0.0% *** ***
Combined Fiscal Balance (% of GDP) (2.3%) (2.4%) (2.3%) *** ***
Banking System Budget Support (% of GDP) (5.4%) (2.4%) 0.0% *** ***
Total Public Debt ($bn) 71.0 76.3 78.3 *** ***
Total Public Debt (% of GDP) 80.9% 71.8% 60.9% *** ***
External Public Debt ($bn) 45.6 49.0 50.2 *** ***
Debt to IMF ($bn) 13.5 14.0 12.9 *** ***
Monetary & Banking Indicators *** ***
Broad Money (M2) Growth (y-o-y; %) 10.9% 9.7% 5.5% *** ***
Total Credits (% of GDP) 41.8% 34.0% 30.2% *** ***
F/X Loans (% of GDP) 20.7% 14.9% 12.9% *** ***
Total Deposits (% of GDP) 33.0% 29.4% 25.6% *** ***
F/X Deposits (% of GDP) 15.2% 12.9% 10.4% *** ***
Credit Rates (avg.; hryvnia; % p.a.) 18.2% 15.3% 18.5% *** ***
Deposit Rates (avg.; hryvnia; % p.a.) 11.5% 9.1% 11.8% *** ***
Forex *** ***
Gross F/X Reserves ($bn) 15.5 18.8 20.8 *** ***
Gross F/X Reserves (months of imports) 3.6 3.6 3.5 *** ***
UAH:USD (official rate; e-o-p) 27.19 28.07 27.69 *** ***
UAH:USD (official rate; avg.) 25.55 26.59 27.20 *** ***
Note: *nominal indicators for 2014 and following years exclude Crimea, y-o-y changes are calculated with 2013 numbers rebased to exclude Crimea; **IMF estimates for years through 2015, DC estimates for 2016 onwards. SDRs are treated as deficit financing item and included in debt statistics; the general government balance includes the central and local budgets and Pension Fund, but excludes Naftogaz Ukrainy deficit and bank rehabilitation costs. Source: Government statistics, National Bank of Ukraine, IMF, Dragon Capital estimates and forecasts

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