The World Bank has raised its forecast for the growth of Ukraine’s gross domestic product in 2023 from 2.1% to 3.3%, according to the Economic Update.
The National Bank of Ukraine (NBU) has upgraded its estimate of a decrease in GDP in 2022 to around 32% from 37.5% in the previous forecast, the press service of the regulator said.
On October 28, 2022, S&P Global Ratings affirmed its ‘CCC+’ long-term foreign and local currency issuer credit ratings on Ukraine’s capital city Kyiv, the outlook remains stable, the company said on its website.
The Cabinet of Ministers of Ukraine has approved the draft state budget for 2023 for second reading, Prime Minister Denys Shmyhal said.
The deficit of Ukraine’s foreign trade in goods in September amounted to $354 million, which is 66.7% less than in August, Deputy Minister of Economy and Trade Representative of Ukraine Taras Kachka said.
The deficit of Ukraine’s foreign trade in goods in January-August 2022 increased by 2.9 times compared to the same period in 2021 – to $5.421 billion from $1.895 billion, the State Statistics Service reported.
Inflation in Ukraine accelerated to 24.4% year-over-year in September from 23.8% in August, according to the macroeconomic and monetary monthly review of the National Bank of Ukraine (NBU).
The growth of consumer prices in Ukraine in September 2022 accelerated to 1.9% from 1.1% in August and 0.7% in July, the State Statistics Service reported on Monday.
The deficit of the state budget of Ukraine for January-September 2022 was UAH 493.4 billion, in particular that of the general fund – UAH 495.3 billion with a planned deficit for this period of UAH 1.018 trillion, such preliminary results were reported by the Ministry of Finance.
The total public debt of Ukraine in August increased by 1.3%: in dollar terms by $1.24 billion – up to $96.79 billion, in hryvnia – by UAH 45.4 billion, up to UAH 3.585 trillion, according to data on website of the Ministry of Finance.
The volume of computer services in January-September 2022 increased by 13% and amounted to almost $5.5 billion, the IT Ukraine association (ITU) reported, citing data from the National Bank of Ukraine.
From the beginning of the 2022/2023 marketing year (MY, July-June) and until October 21, Ukraine exported 11.52 million tonnes of grain crops, of which 6.17 million tonnes of corn (53.5% of the total supply), some 4.36 million tonnes of wheat (37.8%) and 950,000 tonnes of barley (8.2%).
Economic Monitoring’s Project Manager – PhD in Economics, Maksim Urakin
Barcelona Mayor Ada Colau, who visited Kiev at the invitation of the capital’s mayor Vitaly Klitschko, expressed admiration for the courage of the Ukrainian people and assured that she would do everything possible to ensure that partners continue to help Ukraine and Kiev.
“For Ukraine is Europe. And crimes against humanity are being committed in your country,” stressed the mayor of Barcelona, whose words are quoted on Vitaly Klitschko’s personal website.
In his turn, the mayor of Kiev thanked Ada Colau for his visit to Kiev during the wartime and for his help to Kiev residents who fled the war in Barcelona. He said that despite the difficulties caused by Russian terrorist attacks, the Kiev authorities are doing everything possible to provide life support to the city, provide services to its residents, restore the destroyed infrastructure and housing damaged by shelling, and set up heating stations.
“We understand that to overcome the challenges that Ukraine has faced, we continue to need strong assistance from international partners. Together we must defeat the enemy and restore security on our continent. And we will need your help very much for the post-war reconstruction of the country and the capital city in particular,” Vitaliy Klitschko emphasized, adding that today Kiev would welcome any possible help. First of all, in order to survive this difficult winter.
Thus, Kiev has already received 2 fire trucks from Barcelona as an aid. Barcelona promises to give another 2 such cars at the beginning of the next year. And also 4 powerful generators, the autocranes with load-carrying capacity up to 40 tons and protective suits for rescuers against various kinds of dangers.
Kiev and Barcelona signed a Memorandum of friendship between the cities on September 24 this year during the visit of Vitaliy Klitschko to Barcelona. Barcelona became the seventh European city with which Kiev has signed a twinning since the beginning of Russia’s large-scale aggression.
Mining company Ferrexpo plc with assets in Ukraine published its debut climate change report and announced an updated carbon reduction target of 50% by 2030 for Group 1 and 2 emissions.
The company recalled that it had previously pledged to reduce these emissions (Group 1 emissions from its own operations, mainly from combustion of fuel and gas, and Group 2 emissions from purchased electricity, steam, and heat) by 30% by 2030, but had already achieved this goal.
As the report specifies, in 2021, Group 1 emissions increased by 11% (hereafter per ton of production), while Group 2 emissions decreased by 40%, and overall emissions decreased by 16%.
Since baseline 2019, Group 1 emissions have fallen 1% and Group 2 emissions have fallen 54%, for a total drop of 30%.
Ferrexpo points out that diesel fuel accounted for 40% of Group 1 emissions in 2021, which could be reduced by the introduction of battery electric dump trucks as well as the use of trolley technology on uphill runs.
The company noted that it achieved significant reductions in Group 2 emissions last year by replacing 18% of natural gas in pelletizers with biofuels (sunflower husks), building a trial 5 MW solar power plant and a strategy of selective green power purchases.
In addition, in the climate change report, Ferrexpo also presented new emission reduction targets for Group 3 (third-party transport for product delivery and use in metallurgy) – 10% by 2030 and 50% by 2050.
The company indicates that the main reductions in this category could be achieved by switching to metallized (DR) pellets for direct reduction of iron, which uses electric arc furnace steelmaking methods without coal.
In absolute terms, according to the report, the goal is to reduce CO2 emissions of all three groups from 2.2 million tons in 2019 to 1.6 million tons in 2025 and 2030, 1 million tons in 2035, 0.5 million tons in 2040 and 0.2 million tons in 2050.
Translated into a ton of production, this would correspond to a reduction in emissions from 205 kg in 2019 to 107 kg in 2025, 68 kg in 2030, 44 kg in 2035, 22 kg in 2040 and 8 kg in 2050.
In the climate change report, Ferrexpo detailed a number of climate change risks and opportunities related to its business, particularly related to the introduction of CBAM, and a potential decarbonization pathway to achieve net zero iron ore pellet production by 2050.
“Our first climate change report is the culmination of an initial phase of work detailing climate change topics, such as risks and opportunities associated with climate change, as well as a special study of a potential decarbonization path for the group: achieving net zero production through 2050,” Ferrexpo CEO Jim North is quoted in the document.
As reported, in October 2021, Ferrexpo began working with Ricardo plc (Britain), which helped prepare this report, as part of its decarbonization plans.
Ferrеxpo owns 100% of Poltava GOK, 100% of Yeristovsky GOK and 99.9% of Belanovsky GOK. Last year, the company produced 11.2 million tons of pellets, becoming the world’s third largest exporter.
Foreign trade turnover by most important positions Jan-Aug 2022 (import)
SSC of Ukraine
Centravis Production Ukraine” Private Joint Stock Company (Centravis Production Ukraine), which is a part of Centravis Ltd. holding, on the results of work in January-October this year transferred to the budgets of all levels more than 230 million UAH.
According to the company’s press release issued on Friday, the most funds were transferred to non-budgetary funds – almost 172 million hryvnias. The local budget was replenished by 41.7 million UAH and the state budget by 16.8 million UAH.
It is recalled that at the end of 2021 Centravis paid almost 283 million UAH to the budgets of all levels. Thus, despite the large-scale war, the company continues to work and fulfill its obligations to the state and local community.
In addition to paying taxes, Centravis provides assistance to the security and defense forces and the war-affected population. In total, the company provided aid worth more than 3.3 million hryvnias and purchased ammunition and protective equipment for the mobilized workers of the company.
“They say there is an inscription on the facade of the U.S. Department of Justice: taxes are the price of civility in society. In our case, taxes are the price of protecting independence and statehood, and this year they are especially nice to pay. We believe that every extra hryvnia will help repel aggression and rebuild Ukraine, “- said General Director of Centravis Yuri Atanasov, quoted by the press service.
“Centravis” is among the ten largest manufacturers of seamless stainless steel tubes in the world. The company’s production is concentrated in Nikopol, which has been under almost daily fire from Russian troops since July this year.
Last year the company realized a number of large-scale orders for such world companies as Benteler Automotive, LINSTER Edelstahlhandel, Rohr Mertel, Buhlmann Group, Webco, MRC. “Centravis works with such famous automobile brands as BMW, Volkswagen, General Motors. Supplies pipes for nuclear power plants, fresh water storage facilities, the International Thermonuclear Experimental Reactor (ITER) and other landmark projects.
“Centravis is one of the world’s largest manufacturers of seamless stainless steel pipes, founded in 2000. Its production facilities are located in Nikopol (Dnepropetrovsk region).
Centravis Ltd Holding was created on the base of Nikopol Stainless Tube Works CJSC, service and trading companies of Yuvis Industrial and Commercial Enterprise Ltd. Its shareholders are members of the Atanasov family.
Centravis Ltd. owns 100% of shares of Centravis Production Ukraine PJSC.
Ukraine and Nigeria have agreed to elaborate further on information that will ensure the effective implementation of Grain from Ukraine, a program to supply Ukrainian food to famine-stricken countries in Africa and Asia.
According to the website of the Ministry of Agrarian Policy and Food on Friday, the Minister of Agrarian Policy of Ukraine Nikolay Solsky and Federal Minister of Agriculture and Rural Development of the Federal Republic of Nigeria Mohammad Mahmud Abubakar discussed ways to implement the humanitarian initiative in practice.
The parties voiced their vision of cooperation at all stages of the implementation of the humanitarian mission. They discussed, in particular, the possibilities of transportation of products and available types of crops for supply.
As reported, the Grain from Ukraine humanitarian program, which was announced by Ukrainian President Volodymyr Zelensky at a speech before the G-20 and which will be implemented in partnership with the UN WFP, provides for the provision of grain to at least 5 million people until the end of spring 2023.
As part of the program, Ukraine has decided to send some of its grain reserves to those African countries where there is already a hunger problem. Some of the grain ready for export can be purchased by the project participating states, thereby international partners can simultaneously support the Ukrainian economy in a difficult situation and help poor African countries.
By the end of November 2002, more than 30 countries and international organizations had joined Grain from Ukraine, raising a total of more than $180 million.
Austria, Belgium, Bulgaria, Great Britain, Greece, Estonia, EU, Ireland, Spain, Italy, Canada, Qatar, Latvia, Lithuania, Netherlands, Germany, Norway, Poland, Portugal, Republic of Korea, Romania, Slovenia, USA, Turkey, Hungary, Finland, France, Croatia, Czech Republic, Switzerland, Sweden and Japan, as well as NATO and UN.
