Finance Ministry: Ukraine’s economic growth accelerating

Image: Reuters

Image: Reuters 

More, Ukraine

Although the GOSSTAT, the state statistics organization, has not yet released even preliminary numbers for full-year 2016, the finance ministry made public their first estimates.

According to Deputy Finance Minister Oksana Markarov, the gross domestic product (GDP) of Ukraine in 2016 increased by 1.8%.

“1.8% growth last year and 3% growth we forecast for 2017,” – she told attendees at the seminar on the development of investment and export potential of the regions.

Oksana Markarov

Oksana Markarov

According to her, expected major drivers of economic growth in 2017 are “the inflow of investments and an increase in exports.”

Note that in the first half of 2016, Ukraine’s economy officially exited a long recession, which lasted from the second half of 2012.

Ukraine’s GDP grew by 0.1% in the first quarter of 2016, by 1.4% in the second, and by 2.0% in the third.

In June, the Cabinet of Ministers of Ukraine approved a budget for 2017, which forecasts GDP growth in Ukraine at 3% in 2017, and 4% in 2018 and 2019.


Translated by: A. N.

Edited by:

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  1. Avatar Alex George says:

    One would hope so – Ukraine’s economic potential is far beyond what it has previously achieved.

    Putin’s aggression in 2014-15 was a huge drag on the economy, but so was ukraine’s legacy of soviet corruption, which so many of its oligarchs sought (and still seek) to preserve.

    The question is, as there is more growth, will the ordinary people of Ukraine benefit?

    1. Avatar Dagwood Bumstead says:

      When unemployment goes down, certainly. But they will benefit even more once corruption is seriously tackled, and this requires Poroshenko and the current government to do far more than they are willing to do. I don’t see them getting their fingers out, however.
      Poroshenko has less than half of his term remaining, and he won’t be elected for a second term given his current dismal ratings. Bloc Poroshenko will also suffer heavily at the next Rada elections. Hopefully people will be elected then who WILL tackle the country’s corruption and cut the oligarchs down to size.

      1. Avatar Alex George says:

        Poroshenko is a very smart political operator. I am not going to put my house against him in the next Presidential elections just yet. but I agree, he will have a battle on his hands.

        As for the Rada, I hope that genuine reformers will be elected in a majority (or even a decent minority) at the next parliamentary elections, but without reforms I doubt that will happen.

        Of course, even if my pessimistic prediction comes true, that won’t mean reforms won’t happen, just that they will continue at the same slow pace.

        1. Avatar Tony says:

          I’m guessing the law on state funding of political parties along with greater decentralisation would already increase the quality of available politicians next election cycle.

          Two reforms I’m not sure about is open lists and national broadcaster, whatever happened to those?

          What other reforms would be necessary to boost politician quality next time around ?

          1. Avatar Dagwood Bumstead says:

            A law forbidding anyone with a criminal record becoming a member of the Verkhovna Rada, Cabinet Minister or President. I believe there already is a law forbidding such a person being President, but despite Yanukovich having two convictions he was allowed to run in 2004/2005 and 2010.

          2. Avatar Alex George says:

            The problem with that is it would keep out any reformers who ran foul of the previous regime.

          3. Avatar Dagwood Bumstead says:

            As I recall 13 leading opposition members including Yulia and Yuri Lutsenko were arrested, but only Yulia was actually brought to trial and sentenced- and her conviction was quashed by the Verkhovna Rada after Yanukovich deserted. I don’t remember any of the others actually being tried and sentenced, but if they were then their sentences were probably quashed as well. If not that can easily be corrected by a general amnesty for those sentenced by Proffessor Viktor’s kangaroo courts for political reasons.

          4. Avatar Alex George says:

            I wrote “keep out any reformers who ran foul of the previous regime” – not just 13 people.

            “that can easily be corrected by a general amnesty”

            Except that won;t happen, will it. They very people who want to keep reformers out are not going to let that happen.

          5. Avatar Dagwood Bumstead says:

            But the anti-reformers most probably won’t have a majority after the next election for the Verkhovna Rada. Bloc Poroshenko will lose heavily given the current ratings, and Poroshenko himself stands sod all chance of a second term as President; all his campaign promises proved worthless.

            And with them out of the way, passing an amnesty should it be necessary will meet little opposition.

          6. Avatar Alex George says:

            I admire your optimism and naivete, on all counts

          7. Avatar Alex George says:

            Another is party loyalty rules. If you run under a party banner, and then find out your fellow party members are corrupt and quit the party, you lose your seat. And your corrupt former party gets to nominate your replacement, ie the people who elected you get no say in your replacement.

            Poroshenko and Kononenko have got a number of reformers out of the Rada that way.

        2. Avatar Dagwood Bumstead says:

          I think that at the next elections people will vote for those with a proven reform record, which gives Saakashvili and Yulia a good chance. Saakashvili tried in Odessa oblast but resigned because of Poroshenko thwarting him. As for Yulia, she’s no friend of the oligarchs; as Prime Minister she made enemies for life of Akhmetov, Pinchuk and Firtash, and probably of the others as well- if they weren’t enemies previously. The oigarchs conspiring with Yanukovich to get her in the nick won’t have made her any friendlier.

  2. Avatar WisconsinUSA says:

    it is a never ending battle to fight corruption. in my country we have corruption though not anything like russia and ukraine etc..the democrats were fighting corruption as best they could but now that the other side is in i look for the anti corruption laws to be rolled back.sad. these people here are the worse of the worst.

    1. Avatar veth says: