In October 2024, the price of agricultural land purchase and sale decreased by 0.7% compared to September and amounted to UAH 44.8 thousand per hectare, while the price of land for commercial farming fell by 1.5% to UAH 46.2 thousand per hectare, according to a study by the Kyiv School of Economics (KSE).
“Due to the stable exchange rate of the national currency in September-October 2024, prices in dollar terms also did not change significantly compared to the previous month,” the analysts said.
They pointed out that prices in October 2024 were 20.6% higher than in December 2023, before the land market was opened to legal entities.
“The opening of the land market for legal entities has significantly affected the cost of agricultural land. Legal entities pay at least 17% more for agricultural land than individual buyers, and individuals began to pay about 10% more for land than before the opening of the land market for legal entities,” KSE’s Land of Endurance study says.
Ukraine has exported 17.978 mln tonnes of grains and pulses since the beginning of 2024-2025 marketing year (MY) as of November 28, of which 3.579 mln tonnes were shipped in November, the press service of the Ministry of Agrarian Policy and Food reported, citing the State Customs Service data.
According to the report, as of November 27, 2023, the total shipments amounted to 12.921 mln tonnes, including 3.681 mln tonnes in November.
The exports of all major crops in 2024-2025 MY are significantly higher than last year. Thus, since the beginning of the current season, Ukraine has exported 8.837 mln tonnes of wheat (5.755 mln tonnes in 2023-2024 MY), 1.856 mln tonnes of barley (870 thsd tonnes), 10.8 thsd tonnes of rye (0.9 thsd tonnes), and 6.976 mln tonnes of corn (6.07 mln tonnes).
The total export of Ukrainian flour since the beginning of the season as of November 28 is estimated at 31.3 thsd tonnes (in 2023-2024 MY – 49.2 thsd tonnes), including 28.6 thsd tonnes of wheat (47.1 thsd tonnes).
During negotiations with representatives of the European Union in Ukraine, the Verkhovna Rada Committee on Agrarian and Land Policy discussed the prospects of receiving grants and financing for the Ukrainian agricultural sector, as well as the introduction of Common Agricultural Practice (CAP) after joining the European Union, MP Serhiy Labaziuk (For the Future party) said in a telegram channel.
Christian Ben Hell, Head of the Agriculture, Fisheries, Forestry and Food Safety Sector of the EU Delegation to Ukraine, informed that Ukrainian farmers have already received grants worth EUR 1.5 billion.
“My colleagues suggest not to tax pomegranates for farmers in any way, as this is actually humanitarian aid. The EU considers it incorrect to take part of it into the budget,” said the MP.
The participants of the meeting stated that the EU requirements for agriculture have been met by more than 71%. In the course of further adaptation of the European legislation, the MPs emphasized the need to introduce changes taking into account the interests of Ukrainian producers.
“Ukrainian farmers want to work with the European market, but this figure will be about 20%. The rest will be transit or export to other countries,” said Labaziuk.
The MPs also raised the issue of the blockade on the Ukrainian-Polish border.
“The committee returned to the issue of parity – whether we will have any problems or manipulations with the export of our products if we fulfill the EU requirements in good faith,” the parliamentarian summarized.
The meeting heard reports from Deputy Minister of Economy and Trade Representative Taras Kachka and Deputy Minister of Agrarian Policy and Food Oksana Osmachko.
PJSC “Ukrhydroenergo” on November 28 announced a tender for insurance of motor vehicles of its branches. According to the information on the Prozorro portal, the expected cost of purchasing services is UAH 3.322 mln.
Documents for participation in the tender are accepted until December 6.
US military clothing supplier Sinclair & Wilde has accused Ukraine’s Defense Ministry and the National Police of corruption and bribery, according to an open letter to the National Police posted on the company’s website on Friday. The document states that Sinclair & Wilde had five contracts to supply the Ukrainian Defense Ministry with military uniforms and textiles. The Turkish company acted as a subcontractor.
“Despite receiving all the goods, including the goods under the fifth contract, which originally required 100% prepayment, the Ministry of Defense has resolutely refused to pay $12.5 million under the fifth contract and the remaining 50% of the debt under the first contract. Thus, Sinclair & Wilde did not receive $14.5 million of the $35 million in contracts, despite having delivered all the goods and made significant payments to the Turkish manufacturer,” the letter says.
The company claims that the condition for the refund was the payment of a bribe. “During 2023, several individuals, including those involved in US and Ukrainian investigations, demanded bribes from Sinclair & Wilde to secure payment of the remaining $14.5 million it was owed. Sinclair & Wilde refused and reported these requests to the US and Ukrainian authorities,” the letter says.
“In an effort to comply with the laws of both the United States and Ukraine, Sinclair & Wilde has been bringing bribery and apparent corruption in the Ukrainian Ministry of Defense to the attention of the U.S. Embassy in Kyiv, U.S. law enforcement agencies, and Ukrainian law enforcement agencies for over a year. Sinclair & Wilde and the U.S. authorities have provided confidential information to the National Police of Ukraine, including witnesses and evidence that refute the allegations against Sinclair & Wilde,” the letter says.
“The response of the National Police of Ukraine was to leak details of the investigation to the former head of the procurement department of the Ministry of Defense Maksym Hrytsenko and others, endangering the lives of witnesses who cooperated in the process, one of whom is a US citizen,” Sinclair & Wilde said.
“We remain committed to defending Sinclair & Wilde’s rights and clearing them of the recent false accusations by the corrupt National Police, which seems more interested in avoiding payment and covering up its own mismanagement, incompetence and outright corruption deep within the National Police of Ukraine,” the company concludes.
The article presents key macroeconomic indicators of Ukraine and the global economy for January-July 2024. The analysis is based on official data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the UN, on the basis of which Maksym Urakin, PhD in Economics, founder of the Experts Club Information and Analytical Center and Director of Business Development and Marketing, presented an analysis of macroeconomic trends in Ukraine and the world. Key aspects such as the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and public debt of Ukraine, as well as global macroeconomic trends are considered.
Macroeconomic indicators of Ukraine
In the first eight months of 2024, Ukraine’s economy demonstrated steady positive dynamics amid recovery from the crisis. The National Bank of Ukraine estimated real GDP growth in the second quarter at 3.7% compared to the same period last year, which is in line with the April forecast. In July, this figure accelerated to 4.4% (compared to 3.1% in June and 3.5% in May), which was the result of an earlier and faster harvest.
“Ukraine’s economic successes in 2024 show that the country is beginning to overcome the consequences of the crisis. However, against the background of these indicators, it is important to take into account the growth of the negative foreign trade balance. This is a signal of the need to strengthen domestic production and increase export potential to avoid imbalances in the future,” said Maksym Urakin, founder of the Experts Club information and analytical center.
According to the State Statistics Service, the negative balance of Ukraine’s foreign trade in goods in January-August 2024 increased by 6.5% compared to the same period last year and amounted to $17.613 billion. The main reason for the increase was a slowdown in export growth amid accelerated imports. At the same time, Ukraine’s international reserves grew by 13.7%, reaching $42.33 billion, thanks to the attraction of long-term concessional financing from international partners.
“The growth of reserves to record levels is an important signal of confidence from international partners. However, it is important to realize that inflation remains a challenge. In August, inflation was 7.5% year-on-year after 5.4% in July and 4.8% in June. High inflation can significantly reduce the purchasing power of the population,” Urakin emphasized.
Inflation in August was 0.6% compared to July, when the price level remained unchanged. At the same time, the August price increase contrasts with the figures for the same month last year, when there was a 1.4% decline.
Ukraine’s public debt also changed in the second quarter of 2024. The total amount of state and state-guaranteed debt in hryvnia equivalent increased by UAH 243.7 billion, and in dollar equivalent by $1.1 billion. At the same time, the weighted average debt service rate decreased from 6.24% to 5.6% per annum, which indicates an increase in the efficiency of debt management.
“Effective public debt management, including lower interest rates, is an important step for Ukraine’s financial stability. This allows the country to focus on strategic investments in infrastructure and social development,” the expert added.
Global economy
At the global level, the International Monetary Fund (IMF) left unchanged its forecast for global economic growth in 2024 at 3.2%, but improved its expectations for 2025 to 3.3%. The main drivers of global growth remain emerging market countries, including China and India, whose economies are expected to grow by 5% and 7% respectively.
“The global economy continues to move forward, but faces key challenges, including inflation and high interest rates. Interestingly, the IMF has adjusted its expectations for oil prices – they are expected to rise slightly in 2024, but decline in 2025. This underscores the importance of the stability of commodity markets for developing countries,” said Maxim Urakin.
The European economy shows more modest results. According to IMF forecasts, the Eurozone’s GDP will grow by only 0.9% in 2024, while Germany’s economy will grow by only 0.2%.
“Europe is facing many challenges – from the energy crisis to the slowdown in industrial growth. For Ukraine, this is an opportunity to strengthen its position in trade relations with the EU by exporting competitive goods and services,” the expert emphasized.
Conclusion.
The economic indicators of Ukraine and the world in January-August 2024 show mixed results. Steady GDP growth and strengthened reserves are accompanied by inflationary risks and a negative trade balance. The global economy, while moving forward, is being held back by inflation and geopolitical factors.
“It is crucial for Ukraine to focus on creating an attractive investment climate, increasing labor productivity and developing export opportunities. This will be the key to sustainable economic growth and financial stability in the future,” summarized Maksym Urakin.
Maksym Urakin, Head of the Economic Monitoring project, PhD in Economics
More detailed analysis of Ukraine’s economic indicators is available in the monthly information and analytical products of Interfax-Ukraine Economic Monitoring.
