Over the last decade, the structure of the Ukrainian economy has significantly changed. Its obsolete Soviet "heritage" - energy and resource intensive steel production, heavy machine-building and chemical industries - is noncompetitive globally and its output and employment are shrinking quickly. In 2007, the share of agriculture in Ukraine’s GDP was just 6.6% while the processing industry accounted for 19.9%. In 2014, the figures changed to 10.3% and 11.4% respectively.
Ukraine’s position in the global division of labor responded to global demand for various products that the Ukrainian economy could offer based on its natural competitive advantages. While in 2008, food exports from Ukraine constituted $10.82bn or 16.2% of $66.95bn of total exports, in 2014 the share reached $16.67bn, or 30.9% of the total of $53.9bn. Exports in the steel industry - once the main export earner – shrank over the same period from $26.5bn, or 39.6%, in 2008 to $14.6bn, or 27.1%, in 2014, and export of machine building industry decreased for the same period from 16.3% to 13.7% of total export. Read more at http://ukrainianweek.com/
Ukraine’s position in the global division of labor responded to global demand for various products that the Ukrainian economy could offer based on its natural competitive advantages. While in 2008, food exports from Ukraine constituted $10.82bn or 16.2% of $66.95bn of total exports, in 2014 the share reached $16.67bn, or 30.9% of the total of $53.9bn. Exports in the steel industry - once the main export earner – shrank over the same period from $26.5bn, or 39.6%, in 2008 to $14.6bn, or 27.1%, in 2014, and export of machine building industry decreased for the same period from 16.3% to 13.7% of total export. Read more at http://ukrainianweek.com/
