Astarta, Ukraine’s largest sugar producer, intends to continue investing in the construction of its soy protein concentrate plant in 2026. These investments will amount to approximately EUR40 million, said Vyacheslav Chuk, director of commercial operations and strategic marketing at the agricultural holding.
“Our budget process is not yet complete, but the agricultural holding will definitely invest in the completion of our new project to build a soy protein concentrate plant. This is about EUR40 million, and the rest is maintenance, which will vary depending on what we focus on,” he said at the Forbes Agro 2025 conference in Kyiv on Friday.
Responding to a follow-up question about how much Astarta will invest during the year to resolve current issues, Chuk said it could be tens of millions of dollars.
In 2024, Astarta began investing in the construction of a plant for processing soybean meal into soybean protein concentrate with a capacity of 500 tons/day (about 100,000 tons per year) in the Hlobyn industrial complex (Poltava region). The agricultural holding is investing more than EUR 76 million in the purchase of equipment and technologies and will create 110 new jobs.
Astarta and its structural unit Astarta Agro Protein signed the first investment agreement with the Ukrainian government to receive compensation from the state for significant investments. Under the agreement, the state will provide the agricultural holding with a number of incentives, including exemption from import duties on new equipment, import VAT on new equipment, and income tax for up to five years.
Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine and is the largest sugar producer in Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares, dairy farms with 22,000 head of cattle, an oil extraction plant in Hlobine (Poltava region), seven elevators, and a biogas complex.
In the first nine months of 2024, Astarta increased its net profit by 35.1% compared to the same period in 2023, to EUR75.60 million. The agricultural holding’s revenue grew by 12.6% to EUR441.46 million, and EBITDA by 12.8% to $131.56 million.
JSC Dnipro Switch Factory (DnSZ, Dnipro), a major Ukrainian manufacturer of switches for main railway tracks, increased its net profit by 2.2 times in January-June 2025 compared to the same period in 2024, to UAH 249.16 million.
According to the financial results report on the company’s website, net sales revenue for this period increased by 24.2% to UAH 796.7 million.
DnSZ received UAH 299.7 million in profit from operating activities (2.2 times more), and gross profit amounted to UAH 299 million (+61.2%).
As reported, in the first quarter of this year, the plant increased its net profit by 2.1 times compared to the same period in 2024, to UAH 113.2 million, with revenue growing by 21.7% to UAH 415.4 million.
Thus, in the second quarter of 2025, DnSZ increased its net profit by more than 2.2 times compared to April-June 2024 – to almost UAH 136 million, while net income increased by 27.1% – to UAH 381.3 million.
Founded in 1916, Dnipro Railway Switch Factory currently manufactures various types of switches for mainline and industrial transport, subways, as well as elements of the upper track structure.
The enterprise has a full production cycle, including its own design bureau.
The plant ended 2024 with a consolidated net profit of UAH 540.41 million, which is 6% more than in 2023, of which 78% (UAH 420 million) was allocated to dividend payments. Consolidated revenue increased by 77% to UAH 1.79 billion.
According to the company’s report on its website, unconsolidated net profit increased by 6.7% to UAH 544.22 million, with revenue growing by 31.1% to UAH 2.346 billion.
Exports accounted for 5.6% of sales in 2024, with products shipped to Georgia, Azerbaijan, Moldova, Bulgaria, Germany, and the Baltic states.
The boiler room of Kryvyi Rih Thermal Power Plant, which provides heat to more than 345,000 residents of the northern part of the city, is undergoing major repairs in preparation for the heating season.
“The company’s specialists are replacing the steam superheaters of two steam boilers that have been in operation for 80 years. The installation of convective packages on water boilers is also underway, which will allow the necessary temperature regime of the coolant to be maintained even in severe frosts,” according to a statement on the website of Kryvyi Rih Thermal Power Plant, which is managed by Naftogaz Group.
The statement notes that modern energy-efficient pumps manufactured in Germany will also be installed, which will be responsible for high-quality water treatment and stable water chemistry.
At the same time, the thermal power plant is preparing other facilities for winter – currently, major repairs are being carried out on 10 boilers throughout the city.
As reported, Deputy Prime Minister for Recovery and Minister of Community and Territorial Development Oleksiy Kuleba noted that as of mid-September, the readiness level of the heating network pipelines of Kryvorizhteplocentral JSC is approximately 60%, but all necessary work will be completed before the start of the heating season. He specified that more than 100 repair and restoration teams are currently involved in replacing heating networks, and work is being carried out first and foremost in areas of damage where hydraulic tests need to be conducted.
Northern Mining and Processing Plant (Northern GOK, Kryvyi Rih, Dnipropetrovsk region), part of the Metinvest Group, will sow rye on 75 hectares of tailings storage facilities as part of a dust suppression and soil fertility restoration program.
According to the company, throughout September, work is continuing on sowing cereal crops on dry areas of the tailings pond at the Northern Mining and Processing Plant’s technical supply and sludge management facility. The measures are being carried out as part of the City Program for Solving Environmental Problems in Kryvbas and Improving the State of the Natural Environment.
It should be noted that Metinvest’s enterprises are making efforts to maintain production and, even during these extremely difficult times, have not abandoned their commitments to addressing environmental issues.
This year, Northern GOK has planned and is already carrying out large-scale work using green technologies that will help prevent the dispersion of dry tailings ponds. Ten tons of seeds and four tons of complex fertilizers will be used to sow the disturbed land. Currently, the cereals sown in the first ten days of September have already sprouted.
“We conducted our first experiment with sowing rye on the tailings pond of Northern GOK in 2021. At that time, we had doubts about whether the crop would take root in areas with highly mineralized tailings. The positive result gave us the confidence to continue this practice in the future. Through experimentation, we also found that winter rye provides the best protection for surfaces. It has time to sprout before the cold weather sets in and form a dense network of roots, which prevents dry tailings from scattering in windy weather,” explained Oleg Bereza, lead dust control engineer at Northern GOK, explaining the essence of the method.
According to the specialist, today the area of the Northern GOK tailings pond is almost 170 hectares. Of these, 75 hectares of dry ponds will be planted with rye. About 60 hectares of the tailings pond are currently involved in increasing the level from +165 meters to +169 meters. Irrigation of this territory is carried out by a contracted construction organization. On more than 35 hectares of maps, uniform silting is carried out and the design water level in the storage pond is maintained. Also, to prevent dust formation, irrigation equipment is operating on the technological roads of the shop according to the schedule.
Northern GOK is part of the Metinvest Group, whose main shareholders are System Capital Management (SCM, Donetsk) (71.24%) and the Smart Holding group of companies (23.76%). The managing company of the Metinvest Group is Metinvest Holding LLC.
dust suppression, Pivdenny GOK, tailings storage facilities, WHEAT
Sunflower processing in Argentina in August 2025 increased to 488 thousand tons compared to 330 thousand tons in the same month of 2024, according to the APK-Inform agency, citing data from Oil World. At the same time, the figure was only slightly lower than in July of this year (491,000 tons).
According to experts, processing in September and October will continue to significantly exceed last year’s figures, as Argentine processors are taking advantage of the decline in sunflower harvests in Ukraine, Russia, Turkey, and Bulgaria.
Argentine sunflower oil is currently the most competitive on the world market and is sold at significant discounts compared to products from the Black Sea region. Thus, exports in August amounted to 172,000 tons, compared to 116,000 tons a year earlier. The main destinations are India (90,000 tons compared to 21,000 tons a year earlier) and Iraq (14,000 tons compared to 31,000 tons).
According to data from the Argentine Ministry of Agriculture, the sunflower harvest in 2025 exceeded forecasts and amounted to 5.3 million tons, compared to 3.9 million tons in 2024. The country’s authorities expect to maintain high production levels in 2026 by increasing the area under cultivation by 10% annually.
Analysts at the Experts Club note that the growth in processing and exports from Argentina is putting pressure on the global sunflower oil market, lowering prices and increasing competition.
For Ukraine, one of the world’s largest producers and exporters of oil, this could mean a reduction in export revenues and the need to actively seek new markets, as well as to focus on deeper processing and improving product quality.
This article presents key macroeconomic indicators for Ukraine and the global economy as of the end of May 2025. The analysis is based on current data from the State Statistics Service of Ukraine (SSSU), the National Bank of Ukraine (NBU), the International Monetary Fund (IMF), the World Bank, and leading national statistical agencies (Eurostat, BEA, NBS, ONS, TurkStat, IBGE). Maksym Urakin, Director of Marketing and Development at Interfax-Ukraine, Candidate of Economic Sciences and founder of the Experts Club information and analytical center, presented an overview of current macroeconomic trends.
Ukraine’s macroeconomic indicators
The first five months of 2025 saw a modest recovery amid high uncertainty. According to preliminary estimates by the State Statistics Service, Ukraine’s real GDP grew by 1.1% y/y in the first quarter of 2025 (seasonally adjusted: –0.3% q/q), reflecting the fragile but still positive dynamics of domestic demand and the adaptation of businesses to wartime conditions.
Inflationary pressure intensified in May: annual inflation accelerated to 15.9% (month-on-month: +1.3%), mainly due to a jump in food prices and the impact of energy factors. The NBU directly pointed to seasonal and supply factors and at the same time expects a slowdown in the summer months.
Against this backdrop, the NBU Board consistently maintained the policy rate at 15.5% per annum in March, April, and June, emphasizing the priority of anchoring inflation expectations and exchange rate stability.
Foreign trade in goods remained in deep deficit in January–April: exports amounted to $15.8 billion, imports to $29.3 billion, and the negative balance to about $13.4 billion. During the same period, exports of services amounted to $12.7 billion, imports to $7.4 billion. Structurally, imports are dominated by fuel, machinery, and transport, while commodity exports are concentrated in raw material groups.
Despite the trade gap, international reserves reached historically high levels at the end of May, amounting to $44.5 billion as of June 1, 2025 (thanks to official receipts and NBU operations).
At the same time, the debt burden is high: total public and guaranteed debt as of May 31, 2025, was $180.97 billion (7.52 trillion UAH).
“The current macro dynamics are more like driving with the handbrake slightly engaged: the economy is capable of moving, but without acceleration. The positive aspect is that we are maintaining growth and gradually curbing inflation. The negative aspect is the sources of this balance: reserves and external inflows are replacing investments and export revenues. If we do not convert record reserves and access to international programs into an investment impulse in manufacturing, energy, and logistics in the summer, we will have to extinguish structural fires in the fall, rather than price fires,” notes Maxim Urakin.
The expert also emphasizes the quality of demand. According to Urakin, consumption is reviving, but it is fragile and uneven — it is being sustained by the IT sector, services, and part of trade. Industry without major infrastructure repairs, cheap long-term money, and access to ports is like an engine running at minimum speed.
“Add the risks of energy during peak periods, and we get an economy that needs not isolated injections but systemic therapy: insurance of military risks for investors, fast ‘windows’ for importing equipment, duty-free corridors for exporters, and large-scale public-private partnership projects. Otherwise, we will preserve the trade deficit and dependence on external financing,” the economist stressed.
Global economy
The global picture at the end of May 2025 remains mixed. In its April WEO, the IMF forecasts global economic growth of around 2.8% in 2025, with a further decline in inflation, but with risks related to geopolitics and trade protectionism remaining.
After overheating in 2024, the US saw negative GDP growth in the first quarter of 2025: according to the BEA’s second estimate, a 0.3% decline in annual terms, explained by a sharp increase in imports and a reduction in government spending; domestic final demand remained stable. In May, core PCE inflation remained close to 2.6% y/y, and the Fed kept the rate range at 4.5–4.75% at its meeting on May 1 (in June, it continued its cycle of moderate easing).
China reported official GDP growth of 5.4% y/y (1.2% q/q) in Q1, supported by industry, transport, and IT services; at the same time, the real estate sector remains a restraining factor.
The European economy is gradually emerging from stagnation. In its spring forecast, the European Commission expects GDP growth of 1.1% in the EU and 0.9% in the eurozone in 2025; inflation is converging with the ECB’s target. The first quarter provided positive momentum: eurozone GDP grew by 0.4% q/q.
The UK was a pleasant surprise for the G7: +0.7% q/q in Q1, and on May 8, the Bank of England lowered its rate to 4.5%, maintaining cautious rhetoric due to inflation risks.
Turkey continues to experience a combination of growth and high inflation: in Q1 2025, GDP grew by 5.7% y/y, while inflation in May stood at 35.4% y/y despite tight monetary policy.
India maintains high momentum: according to official data, in the fourth quarter of the 2024/25 fiscal year (January–March 2025), real GDP grew by 7.4% y/y; for the entire fiscal year, the government estimates growth of approximately 6.5–6.9%.
Brazil added 1.4% q/q (2.9% y/y) in the first quarter, but inflation remained high in May — around 5.3% y/y, forcing the central bank to maintain tight financial conditions.
“The world in May 2025 is a multi-speed economy. The US is cooling down with negative Q1 statistics, but demand and the labor market are still driving growth. Europe, despite low growth rates, is on a trajectory consistent with its inflation target; the UK is showing resilience; China is holding steady at 5%+, but with weak private demand; India is the clear leader in terms of growth among the major economies; Turkey is experiencing high inflationary turbulence; Brazil is growing, but paying dearly for it,” comments Maxim Urakhin.
According to the expert, for Ukraine this means a new configuration of opportunities: cheaper global money will not appear quickly, but the “window” for investment in the relocation of production, energy, and defense-industrial chains is already open.
“The main thing is to design growth not as a simple restoration of the pre-war structure, but as a leap in productivity: processing instead of raw materials, logistics with high added value, digital services, and engineering that are export-scalable. Then macrofinancial stability will cease to be fragile and will become a platform for development,” added the founder of Experts Club.
Conclusion
In January–May 2025, the Ukrainian economy is in a mode of sustained stabilization: moderate annual growth at the start of the year, inflation peaking in May, record reserves, and high debt burden. The strategic choice is to transform external support and import resources into a source of investment in productivity and exports. The global context is asymmetrical and risky, but it opens up niches where Ukraine can grow faster than the world if it focuses on structural projects and policies that convert stability into development.
A more detailed analysis of Ukraine’s economic indicators is available in the monthly information and analytical products of the Interfax-Ukraine agency, Economic Monitoring.
Head of the Economic Monitoring project, Candidate of Economic Sciences Maksim Urakin
