About Ukraine
Ukraine is the second largest country in Eastern Europe. It is bordered by the Russian Federation to the east; Belarus to the north; Poland, Slovakia, and Hungary to the west; Romania and Moldova to the southwest; and the Black Sea and Sea of Azov to the south.
More detailed information:
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Entrepreneur Marchyuk Igor Ivanovich, Ukraine, Chernivtsi, 250B, st. Russka.
Key Information
On July 16, 1990, the new parliament adopted the Declaration of State Sovereignty of Ukraine. The declaration established the principles of the self-determination of the Ukrainian nation, its democracy, political and economic independence, and the priority of Ukrainian law on the Ukrainian territory over Soviet law. A month earlier, a similar declaration was adopted by the parliament of the Russian SFSR.
In the meantime, by 1999, the GDP had fallen to less than 40 percent of the 1991 level, but recovered to slightly above the 100 percent mark by the end of 2006.In the early 2000s, the economy showed strong export-based growth of 5 to 10 percent, with industrial production growing more than 10 percent per year. Ukraine was hit by the economic crisis of 2008 and in November 2008, the IMF approved a stand-by loan of $16.5 billion for the country.
Ukraine produces nearly all types of transportation vehicles and spacecraft. Antonov airplanes and KrAZ trucks are exported to many countries. The majority of Ukrainian exports are marketed to the European Union and CIS. Since independence, Ukraine has maintained its own space agency, the National Space Agency of Ukraine (NSAU). Ukraine became an active participant in scientific space exploration and remote sensing missions. Between 1991 and 2007, Ukraine has launched six self made satellites and 101 launch vehicles, and continues to design spacecraft.
The country imports most energy supplies, especially oil and natural gas, and to a large extent depends on Russia as its energy supplier. While 25 percent of the natural gas in Ukraine comes from internal sources, about 35 percent comes from Russia and the remaining 40 percent from Central Asia through transit routes that Russia controls. At the same time, 85 percent of the Russian gas is delivered to Western Europe through Ukraine.
The World Bank classifies Ukraine as a middle-income state. Significant issues include underdeveloped infrastructure and transportation, corruption and bureaucracy. In 2007 the Ukrainian stock market recorded the second highest growth in the world of 130 percent. According to the CIA, in 2006 the market capitalization of the Ukrainian stock market was $111.8 billion. Growing sectors of the Ukrainian economy include the information technology (IT) market, which topped all other Central and Eastern European countries in 2007, growing some 40 percent.