Economy of Ukraine

The economy of Ukraine is an emerging free market. Like other post-Soviet states, its gross domestic product fell sharply for 10 years following the collapse the Soviet Union in 1991. However, it grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine as the 2008-2009 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has been suffering from a severe downturn.

The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008, but the Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. By October 2013, the Ukrainian economy lapsed into another recession. The previous summer Ukrainian export to Russia was substantially worsened due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the War in Donbass that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of the more industrial oblasts. In 2013, Ukraine saw zero growth in GDP. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. As of 11 January 2016, the World Bank forecasts that Ukraine will experience an economic growth rate of 1% in 2016, which if true will end the recession. Since December 2015 Ukraine refuses to and hence de facto defaults on debt payments to Russia.

Ukraine

Ukraine (ⁱ/juːˈkreɪn/; Ukrainian: Україна, tr. Ukraina [ukrɑˈjinɑ]) is a country in Eastern Europe,bordered by Russia to the east and northeast, Belarus to the northwest, Poland and Slovakia to the west, Hungary, Romania, and Moldova to the southwest, and the Black Sea and Sea of Azov to the south and southeast, respectively. It is currently in dispute with Russia over the Crimean peninsula which Russia annexed in 2014 but Ukraine and most of the international community still recognise as Ukrainian. Including Crimea, Ukraine has an area of 603,628 km² (233,062 sq mi), making it the largest country entirely within Europe and the 46th largest country in the world, and a population of about 44.5 million, making it the 32nd most populous country in the world.

The territory of modern Ukraine has been inhabited since 32,000 BC. During the Middle Ages, the area was a key centre of East Slavic culture, with the powerful state of Kievan Rus' forming the basis of Ukrainian identity. Following its fragmentation in the 13th century, the territory was contested, ruled and divided by a variety of powers, including Lithuania, Poland, the Ottoman Empire, Austria-Hungary, and Russia. A Cossack republic emerged and prospered during the 17th and 18th centuries, but its territory was eventually split between Poland and the Russian Empire, and later submerged fully into Russia. Two brief periods of independence occurred during the 20th century, once near the end of World War I and another during World War II, but both occasions would ultimately see Ukraine's territories conquered and consolidated into a Soviet republic, a situation that persisted until 1991, when Ukraine gained its independence from the Soviet Union in the aftermath of its dissolution at the end of the Cold War.

Ukrainian wine

The wine industry of Ukraine is well-established with long traditions. Several brands of wine from Ukraine are exported to bordering countries, the European Union, and North America.

History

A wine culture existed in today's Ukraine. Wine cultivation is in the northern part of the country (around Kiev and Chernihiv), dating back to the 11th century. Since 2000 the production as well as the export of the wines increased rapidly.

Main vine-growing regions

Varietals

The main varietals are Aligoté, Muscat, Isabella, Traminer, Cabernet Sauvignon, Chardonnay, Pinot noir, Pinot gris, Rkatsiteli.

Sparkling wines

Production of sparkling wine like Sovetskoye Shampanskoye ('Soviet Champagne') is increasing. Most of the sparkling wine is produced around large cities like Kiev, Bakhmut, Lviv, Odessa and Kharkiv. Most of the production is based on Pinot blanc, Aligoté, Riesling and Feteasca.

Specialised trade fairs

Ukraine (sports society)

Ukraine (sports society) is a physical culture and sports association of Ukraine.

History

At the end of eighties (1987) the former sports associations of trade unions "Avanhard", "Burevestnik", "Vodnik", "Zenit", "Kolos", "Lokomotiv", and "Spartak" were united into the All-Union volunteer physical culture and sports association of trade unions (VDFSTP). After several years "Kolos" has separated from it and in 1991 VDFSTP was reorganized into the sports association of trade unions "Ukraine".

Sports clubs

Olympic centers

Trade Union Federation of Ukraine

See also

External links