Economy of Ukraine

Ukraine is an agro-industrial country.

Ukraine is rich in natural resources. The main minerals are iron ore,
coal, rock salt cement, gypsum uranium, different metals and other
natural resources.

Ukraine fully satisfies its needs in minerals but it still has to import
some of them. So, oil and gas are imported from Russia and Turkmenistan
as the oil and gas deposits of Ukraine cannot satisfy country’s needs in
these energy resources.

In the current structure of Ukraine’s industry a great proposition is
occupied by heavy industry, especially, the iron, and steel,
machine-building and coal industries.

A considerable part is played by the food, light and chemical

Defence industry is being restructured and converted with emphasis on
the output of consumer goods.

However, today’s industries are unable to satisfy the consumers’ wants
because they are not integrated into the world process of economic ,
technological and scientific progress. The national industries have low
standard in processing raw material and outdated and worn-out production

Ukraine is one of the world’s most productive farming regions and is
known as ”Europe’s granary”.

There are two main branches of agricultural production in Ukraine : crop
production and animal husbandry.

Among the crops grown in Ukraine are sugar beet, wheat, rye, barley,
oats, corn, sunflower, a large variety of grain cultures, fruit and

The most widespread branches of animal husbandry are dairy and beef
cattle breeding and pig raising.

Two interrogated processes characterize Ukraine’s economy today, namely
its assertion as that of an independent state, and its transition from
planned-centralized to market-controlled.

Ukraine has currently achieved macroeconomic stability. Prices, domestic
and foreign trade have been liberalized. An austere monetary policy has
been introduced. Tax and budget systems are also being reformed. A
twin-level banking structure took shape: the National Bank of Ukraine,
and commercial banks of all types and forms of property .

”Small-scale” privatization is nearly completed in Ukraine today.
Privatization has sped up for large and medium size enterprises,
including enterprises in the agro-industrial sector.

Ukraine’s foreign policy is aimed at wide and long-term co-operation.
Ukraine is acting on the assumption that this is the most effective way
of solving not only economic but also political problems.


1. to be rich in smth – бути багатим на щось

2. iron and steel industry – чорна металургія

3. outdated and worn-out equipment – застаріле та спрацьоване обладнання

4. Europe’s granary – житниця Європи

5. crop production – рослинництво

6. animal husbandry – тваринництво

7. dairy and beef cattle breeding – розведення молочної та м’ясної

8. pig raising – свинарство

9. transition from planned-centralized to market-controlled – перехід
від планово-централізованої до ринково – регульованої

10. austere monetary policy – жорстка монетарна політика

11. twin-level banking structure – дворівнева банківська система

12. to speed up – прискорювати

13. to aim at smth – націлювати на щось

14. wide and long-term co-operation – широкомасштабне і довгострокове

15. on the assumption – виходячи з припущення

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