US diplomatic representation:
chief of mission: Ambassador William Green MILLER
embassy: 10 Yuria Kotsyubinskovo, 252053 Kiev 53
mailing address: use embassy street address
telephone: [380] (44) 244-7345
FAX: [380] (44) 244-7350
Flag: two equal horizontal bands of azure (top) and golden yellow
represent grainfields under a blue sky
Economy ———-
Economic overview: After Russia, the Ukrainian republic was far and away the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied equipment and raw materials to industrial and mining sites in other regions of the former USSR. In early 1992, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Loose monetary policies pushed inflation to hyperinflationary levels in late 1993. Since his election in July 1994, President KUCHMA has developed a comprehensive economic reform program, maintained financial discipline, and removed almost all controls over prices and foreign trade. Implementation of KUCHMA's economic agenda is encountering considerable resistance from parliament, entrenched bureaucrats, and industrial interests. However, should KUCHMA succeed in implementing aggressive market reforms during 1996, the economy may stabilize and possibly achieve real growth in the range of 0.5%-1%.
GDP: purchasing power parity - $174.6 billion (1995 estimate as extrapolated from World Bank estimate for 1994)
GDP real growth rate: -4% (1995 est.)
GDP per capita: $3,370 (1995 est.)
GDP composition by sector: agriculture: 31% industry: 43% services: 26% (1993 est.)
Inflation rate (consumer prices): 9% monthly average (1995)
Labor force: 23.55 million (January 1994) by occupation: industry and construction 33%, agriculture and forestry 21%, health, education, and culture 16%, trade and distribution 7%, transport and communication 7%, other 16% (1992)