IMF ranks Ukraine as Europe's poorest country
Ukraine's per capita GDP in current prices is $2,964.193, the lowest in Europe
By bne IntelliNews
October 16, 2018
Ukraine's gross domestic product (GDP) per capita in current prices in US dollar terms stood at $2,964.193 in 2018, according to October's update of the World Economic Outlook published by the International Monetary Fund (IMF). That makes Ukraine the poorest country in Europe, behind Moldova ($3,226.717), Belarus ($6,020.043) and Russia ($10,950.492).
According to IMF methodology, GDP is expressed in current US dollars per person and the data is derived by first converting GDP in national currency to US dollars and then dividing it by total population.
Recently, the IMF revised upward Ukraine’s GDP forecast to 3.5% year-on-year vs April's forecast of a 3.2% y/y growth in 2018. At the same time, the World Bank has revised downward its forecast for Ukraine's GDP growth in 2018 to 3.3% y/y from 3.5% y/y.
The nation's GDP grew by 3.8% y/y in March-June, according to Ukraine's state statistics service Ukrstat. The country’s real GDP rose by 3.1% y/y in January-March, or 0.9% quarter-on-quarter on a seasonally adjusted basis.
In July, the National Bank of Ukraine (NBU) revised the nation's 2019 GDP growth forecast to 2.5% year-on-year (vs 2.9% y/y in the previous forecast) due to the waning effects of higher social standards, the tight monetary conditions required to bring inflation back to its target, as well as tight fiscal policy resulting from the need to repay large volumes of public debt.
In 2020, the real economy is expected to grow by 2.9% y/y. "Private consumption, additionally supported by rising remittances thanks to an increase in the number of labour migrants, will remain the main driver of economic growth in the medium-term," the NBU believes.
Meanwhile, investment growth will be restrained by businesses’ higher labour costs. However, the contribution of net exports will remain negative over the forecast horizon, as imports will satisfy a significant portion of domestic demand and capital investment needs, according to the regulator.
Ukraine's gross domestic product (GDP) per capita in current prices in US dollar terms stood at $2,964.193 in 2018, according to October's update of the World Economic Outlook published by the International Monetary Fund (IMF). That makes Ukraine the poorest country in Europe, behind Moldova ($3,226.717), Belarus ($6,020.043) and Russia ($10,950.492).
According to IMF methodology, GDP is expressed in current US dollars per person and the data is derived by first converting GDP in national currency to US dollars and then dividing it by total population.
Recently, the IMF revised upward Ukraine’s GDP forecast to 3.5% year-on-year vs April's forecast of a 3.2% y/y growth in 2018. At the same time, the World Bank has revised downward its forecast for Ukraine's GDP growth in 2018 to 3.3% y/y from 3.5% y/y.
The nation's GDP grew by 3.8% y/y in March-June, according to Ukraine's state statistics service Ukrstat. The country’s real GDP rose by 3.1% y/y in January-March, or 0.9% quarter-on-quarter on a seasonally adjusted basis.
In July, the National Bank of Ukraine (NBU) revised the nation's 2019 GDP growth forecast to 2.5% year-on-year (vs 2.9% y/y in the previous forecast) due to the waning effects of higher social standards, the tight monetary conditions required to bring inflation back to its target, as well as tight fiscal policy resulting from the need to repay large volumes of public debt.
In 2020, the real economy is expected to grow by 2.9% y/y. "Private consumption, additionally supported by rising remittances thanks to an increase in the number of labour migrants, will remain the main driver of economic growth in the medium-term," the NBU believes.
Meanwhile, investment growth will be restrained by businesses’ higher labour costs. However, the contribution of net exports will remain negative over the forecast horizon, as imports will satisfy a significant portion of domestic demand and capital investment needs, according to the regulator.
Data
The latest GDP figures show that the eurozone contracted in the third quarter and looks like it will do the same in the last three months of the year, falling into a continent-wide recession.
Real wages are up in Russia, but thanks to inflation and subsidised mortgages, the middle classes are getting richer, while the poor are getting poorer.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
SELECT `n`.`nid` AS `id`, `n`.`title`, 'bne IntelliNews' AS authors, 'bne IntelliNews' AS bylines, `wc`.`field_website_callout_value` AS `summary`, `smc`.`field_social_media_callout_value` AS `social`, `pd`.`published_at` AS `date`, `p`.`field_publication__tid` AS `publication_id`, `fm`.`uri` AS `image`, `fspcaption`.`field_story_photo_caption_value` AS `image_credit`, `fspcredit`.`field_story_photo_credit_value` AS `image_author`, `ws`.`field_website_sections_tid` AS `section_id`, `fdfs`.`field_subject_tid` AS `subject_id`, `db`.`body_value` AS `body`, `fm2`.`uri` AS `pdf`, `et`.`field_enable_tracking_value` AS `tracking`, `ht`.`field_head_tags_value` AS `headTags`, `bt`.`field_body_tags_value` AS `bodyTags` FROM `node` AS `n`
LEFT JOIN `field_data_field_website_callout` AS `wc` ON wc.entity_id = n.nid
LEFT JOIN `field_data_field_social_media_callout` AS `smc` ON smc.entity_id = n.nid
LEFT JOIN `publication_date` AS `pd` ON pd.nid = n.nid
LEFT JOIN `field_data_field_publication_` AS `p` ON p.entity_id = n.nid
LEFT JOIN `field_data_field_story_picture` AS `sp` ON sp.entity_id = n.nid
LEFT JOIN `file_managed` AS `fm` ON fm.fid = sp.field_story_picture_fid
LEFT JOIN `field_data_field_story_photo_caption` AS `fspcaption` ON fspcaption.entity_id = n.nid
LEFT JOIN `field_data_field_story_photo_credit` AS `fspcredit` ON fspcredit.entity_id = n.nid
LEFT JOIN `workflow_node` AS `wn` ON wn.nid = n.nid
LEFT JOIN `field_data_field_website_sections` AS `ws` ON ws.entity_id = n.nid
LEFT JOIN `field_data_field_subject` AS `fdfs` ON fdfs.entity_id = n.nid
LEFT JOIN `field_data_body` AS `db` ON db.entity_id = n.nid
LEFT JOIN `field_data_field_file` AS `ff` ON ff.entity_id = n.nid
LEFT JOIN `file_managed` AS `fm2` ON fm2.fid = ff.field_file_fid
LEFT JOIN `field_data_field_enable_tracking` AS `et` ON et.entity_id = n.nid
LEFT JOIN `field_data_field_head_tags` AS `ht` ON ht.entity_id = n.nid
LEFT JOIN `field_data_field_body_tags` AS `bt` ON bt.entity_id = n.nid WHERE (n.status = 1) AND (n.type = 'article') AND (n.nid = 150301) AND (wn.sid= 3) AND (p.field_publication__tid IN (2465,2851,3184,3159,3266,3264,3270,3265,3267,3268,3269,3171,3168,3185,3170,1346,1345,3180,3175,3254,3249,1207,1208,3181,3231,3177,3186,3178,1003,3187,2975,3204,3198,3188,3202,3196,3250,3189,3160,3161,3312,3313,3173,3314,3315,3167,3259,3257,3263,3258,3260,3261,3262,3174,3316,3165,3192,3163,3282,3190,2811,3256,3317,3162,3318,3191,3297,3182,3179,3166,3319,3376,3320,3172,3255,3169,1008,3203,3197,3321,3252,3164,1307,3322,3183,3220,3176,3201,3323,1327,1020,1006,1009,1013,1014,1018,1005,1328,1010,1011,1002,1012,1311,1330,1017,1016,1019,1004,1001,1334,1335,1336,1015,1337,1338,1339,1340,1341,2496,2501,2517,2529,2506,2505,2524,2513,2526,2537,2489,2490,2520,2536,2488,2532,2500,2515,2503,2493,2527,2523,2510,2525,2498,2499,2528,2507,2487,2511,2521,2502,2491,2519,2497,2492,2514,2495,2509,2512,1629,3358)) LIMIT 1