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| Ukrainian Economy 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. Ukraine depends on imports of energy, especially natural gas. Shortly after the implosion of the USSR in December 1991, 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. Output in 1992-97 fell to less than half the 1991 level. Loose monetary policies pushed inflation to hyperinflationary levels in late 1993. Since his election in July 1994, President KUCHMA has pushed economic reforms, maintained financial discipline, and tried to remove almost all remaining controls over prices and foreign trade. Implementation of KUCHMA's economic agenda is encountering considerable resistance from parliament, entrenched bureaucrats, and industrial interests; and an environment of corruption continues to discourage foreign investors. Two positive indicators for the Ukraine are the reduction of the inflation rate to 16% by yearend 1997 and an improvement in the growth rate from a negative 12.2% in 1995 to a negative 1.8% in 1998. If KUCHMA succeeds in implementing aggressive market reforms during 1998, the economy should continue to reverse its downward trend and achieve real during 1999. Home |
| Key Facts -------------------------------------------- Boundaries Country Length of Boundary Russia 1,576 km Moldova 939 km Belarus 891 km Romania 531 km Poland 428 km Hungary 103 km Slovakia 90 km -------------------------------------------- Ethnic Divisions Ukrainian 73 % Russian 22 % Jewish 1 % Other 4 % -------------------------------------------- Religions Ukrainian Orthodox Moscow Patriarchate Kiev Patriarchate Ukrainian Autocephalous Orthodox Catholic (Uniate) Protestant Jewish -------------------------------------------- National Symbols Flag Emblem Click either the flag or emblem to learn more about them |
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| Eastern Europe 49,811,174 603,700 km 2,782 km Temperate continental; winters vary from cold along the Black Sea to cold farther inland; summers are warm across the greater part of the country. Hot in the south. Ukrainian Russian $1 = 5.42 hryvnia New Year - January 1 Christmas - January 7 Easter - Date Varies Independence Day - August 24 |
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