In 2024, Ukraine became one of the three largest exporters of agricultural products to the European Union, according to Eurostat.
According to the published information, the largest share of imports to the EU came from Brazil (8.8%, EUR 17.1 billion), the United Kingdom (8.5%, EUR 16.6 billion), Ukraine (6.7%, EUR 13.1 billion), and the United States (6.1%, EUR 12.0 billion). China (5.1%), Norway (4.7%), and Turkey (4%) were also among the main suppliers of agricultural products to the EU.
The EU’s main partner for agricultural exports in 2024 was the United Kingdom with a share of 23.0% (EUR 54.0 billion), followed by the United States (12.8%; EUR 30.1 billion), Switzerland (5.4%; EUR 12.6 billion) and China (5.3%; EUR 12.3 billion).
Eurostat also noted that in 2024, the EU exported agricultural products worth EUR 234.1 billion and imported EUR 194.9 billion, resulting in a surplus of EUR 39.2 billion. Compared to 2023, both exports and imports increased by 2.8% and 6.7%, respectively.
The volume of trade in agricultural products in the EU between 2014 and 2024 increased by 59%, with exports growing by 58% and imports by 60.2%, equivalent to an average annual growth of 4.7% for exports and 4.8% for imports.
As reported, in 2022, the EU lifted restrictions on Ukrainian imports and introduced a so-called customs visa-free regime. According to European media reports, new rules will come into force on June 6, 2025, with duties and quotas on Ukrainian exports being reinstated. The EU is currently preparing a transitional regime that will limit duty-free agricultural exports, including grain, honey, eggs, sugar, and other products.
The initiator of the changes was Poland, which stated the need to protect European farmers. A number of EU countries supported the tightening of trade conditions with Ukraine.
According to the Ukrainian government’s estimates, the abandonment of the current rules will result in the country losing around EUR 3.5 billion per year.
This article presents key macroeconomic indicators for Ukraine and the global economy as of February 1, 2025. The analysis is based on current data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the International Monetary Fund, the World Bank, and the UN. Marketing and Development Director at Interfax-Ukraine, Maksim Urakhin, PhD in Economics and founder of the Experts Club information and analytical center, presented an overview of current macroeconomic trends.
Macroeconomic indicators of Ukraine
In 2024, Ukraine’s economy showed signs of recovery despite the ongoing war and unstable geopolitical situation. According to updated data from the State Statistics Service, Ukraine’s real GDP grew by 3.3% in 2024, while nominal GDP amounted to approximately UAH 8.3 trillion. The deflator index was 11.6%.
“GDP growth demonstrates the resilience of the Ukrainian economy. Sectors focused on exports, domestic consumption, and infrastructure restoration have become the drivers of growth,” comments Maxim Urakin.
As of January 2025, annual inflation accelerated to 12.9%. Consumer prices rose by 1.2% in January compared to December, reflecting seasonal increases and currency stability.
According to the State Statistics Service, at the end of 2024, exports of goods amounted to $43.8 billion (+13.4%), imports to $67.4 billion (+5.7%), and the negative foreign trade balance to $23.6 billion.
“Despite high imports, primarily of energy and equipment, export activity is growing. Ukraine is strengthening its position in the agricultural and metallurgical markets,” says Maksim Urakyn.
As of February 1, 2025, according to the Ministry of Finance, Ukraine’s state and state-guaranteed debt amounted to $146.7 billion, including $100.1 billion in external debt. According to the National Bank of Ukraine, international reserves reached $45.3 billion, increasing by $400 million in January thanks to inflows from the EU and the IMF.
“The record level of reserves strengthens the stability of the hryvnia and allows the NBU to control currency fluctuations,” the economist emphasizes.
Global economy
According to the IMF’s January update, global economic growth in 2024 was 3.1%, with a forecast of 3.2% for 2025. Developing countries remain the main drivers, despite global instability.
According to the Bureau of Economic Analysis, the US economy grew by 2.5% in 2024. In January 2025, inflation stood at 3.1% year-on-year, with the Fed keeping its rate at 5.25-5.5%.
According to revised Eurostat data, the eurozone’s GDP grew by 0.4% in 2024, while inflation stood at 2.8% in January 2025. Germany, the EU’s largest economy, contracted by 0.1%, while Spain and Portugal made positive contributions to overall growth.
“Geopolitics, high borrowing costs, and weak demand in the G7 countries continue to hold back the recovery. Strong consumer demand is supporting the US economy. However, expensive credit is holding back investment activity, especially in real estate. The Chinese economy needs new stimulus, including tax reforms and support for small businesses, to offset the decline in investment in the construction sector,” Urakin explains.
The Indian economy continues to grow steadily: 8% in 2024, according to preliminary data from the Indian Ministry of Finance. The country is strengthening its position in global supply chains and increasing domestic production.
According to official statistics, China’s GDP grew by 5% in 2024. However, growth in the real estate sector remains weak and domestic demand is limited, which is holding back expansion potential.
Conclusion
The macroeconomic picture at the beginning of 2025 reflects a difficult but stable situation both in Ukraine and globally. Domestic GDP growth, slowing inflation, and strengthening reserves are positive signals for Ukraine. The global economy, in turn, is showing cautious growth amid continuing challenges.
“The key priorities for Ukraine remain ensuring macroeconomic stability, growing high value-added exports, accelerating digital transformation, and implementing structural reforms. This will enable the country to strengthen its position in the international economy as early as 2025,” concludes Maksim Urakin.
Head of the Economic Monitoring project, Candidate of Economic Sciences Maksim Urakin.
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.
Source: https://interfax.com.ua/news/projects/1072123.html
ECONOMY, EXPERTS CLUB, GDP, GEOPOLITICS, MACROECONOMICS, URAKIN
The state-owned enterprise Boryspil International Airport (Kyiv) announced a tender on May 15 for the purchase of compulsory civil liability insurance for owners of ground vehicles (OSAGO), according to the Prozorro electronic public procurement system.
The expected cost of the services is UAH 596,516 thousand. No tender security is required. The deadline for submitting bids is May 23. The winner of a similar tender in April this year was Euroins Ukraine.
Insurance company Euroins Ukraine (Kyiv) increased its authorized capital to UAH 123.065 million through an additional issue of shares worth UAH 45.125 million.
According to information provided by the insurer in the National Securities and Stock Market Commission’s disclosure system, this is stated in the report on the results of the share issue without a public offering, approved by the supervisory board on March 21, 2025.
According to the report, 4.513 billion shares with a par value of 0.01 UAH were placed during the issue.
Euroins Ukraine is a universal insurance company that has been operating in the Ukrainian market since 1992. It is part of the Bulgarian insurance group Euroins, which is one of the largest independent insurance groups operating in Central, Eastern, and Southeastern Europe.
From May 14 to 22, the Goldens auction house will hold its 68th auction entitled ”Ukrainian Collectible Art.” The auction selection includes works by iconic artists of Ukrainian art of the 20th and early 21st centuries. The collection has been carefully curated to reflect various artistic trends, generations, and regions, and showcases the depth, tradition, and innovation of Ukrainian painting.
The collection includes works by Oleksa Novakivsky, Ivan Trush, David Burliuk, Yosyp Bokshay, Serhiy Shyshko, Mykola Gluschenko, Iryna Beklemisheva, Roman Selsky, Viktor Ryzhykh, Fedir Manailo, Andriy Kotska, Hryhoriy Gavrylenko, Igor Grigoriev, Maria Prymachenko, Marfa Tymchenko, Ivan Marchuk, Emma Andievska, and others.
Classical and plein air painting in the auction collection is represented by the works of Kyiv artists Serhii Shyshko, Yevhen Volobuev, and Pavlo Gorobets. These artists embody the academic school with a deep sense of landscape and genre scenes. Serhii Shyshko is a master of Kyiv cityscapes, Yevhen Volobuev is a perceptive analyst of Ukrainian nature, and Pavlo Gorobets is a vivid representative of pictorial realism with a lyrical touch.
The section of naive and decorative art, which includes works by Marfa Tymchenko, Maria Prymachenko, Yelizaveta Mironova, and Stepan Ganzi, also deserves special attention. This group embodies the continuity of Ukrainian naive and decorative art. Maria Prymchenko is already rightly considered a national symbol, whose fantastic fauna and floral motifs have become a visual code of Ukrainian culture. Marfa Tymchenko developed the decorative branch in the traditions of Petrykivka painting, while Yelizaveta Mironova and Stepan Ganja preserved and reinterpreted traditional plots in a modern plastic language.
The selection also includes works by Iryna Beklemisheva and Viktor Grygorov, representatives of a generation that worked against the backdrop of socialist realism, finding depth of form, image, and color in art. Their works are an attempt at internal analysis of reality, psychological depth, and compositional harmony.
The painting of the Lviv school of the early 20th century is represented by rare works by Ivan Trush and Oleksa Novakivsky, while two works by Roman Selsky from the 1970s and 1980s demonstrate the development and transformation of the region’s artistic tradition.
The painting of the Transcarpathian school is represented in the selection by works by the founder of the Transcarpathian school of painting, Yosyp Bokshay, his student Andriy Kotska, Fedir Manaylo, and the underground artist of the 1960s, Ferenc Seman.
The mood of the 1960s continues in the works of artists of intellectual resistance: Igor Grigoriev, Grigory Gavrilenko, and Viktor Ryzhykh. Their work was distinguished by its profound criticism of the surrounding reality and graphic expressiveness. Their works are full of freedom and inner resistance.
The auction also features early works by artists who are still active today: Ivan Marchuk, Emma Andievska, and Lyubomyr Medvid. These authors can be considered, in their own way, the embodiment of a personal breakthrough in art: Ivan Marchuk created a unique technique called “plentalism” and a special and recognizable world of pictorial images, Lyubomyr Medvid, as a representative of the Lviv expressive school, delves into ontological themes, revealing the depths of human existence, and Emma Andiyevska masterfully combines mythology, fantasy, and abstraction, creating a unique world of images and meanings.
Two works by Mykola Hluschenko from the 1970s also deserve special attention. During this period, the artist turned to creating landscapes full of bright colors and light, demonstrating the influence of Impressionism and Post-Impressionism. His works from this period are distinguished by their decorativeness, generalized forms, and bold use of color, which emphasizes the artist’s maturity.
The top lots of the current auction are rare works: “Breath of Spring” (1995) by Ivan Marchuk, “Sea. Chatyr-Dag” (“Hand of the Creator”) (1970) by Mykola Hluschenko, “In the Park of Holosiiv” (1975) by Serhii Shyshko, Flowers on the Alley (1920-1930s) by Ivan Trush, Clown (1960s) by Ferenc Seman, and Long-Necked Woman in Flowers (1972) by Maria Pryimachenko.
The exhibition “Ukrainian Collectible Art” is open to visitors from May 14 to 22 in the hall of the Goldens auction house, as well as online at www.gs-art.com. For registration and participation in the auction, please call +38 050 462 95 32 or register on the website to be able to place bids online yourself.
Schedule of the exhibition and online auction:
May 14–22, 2025
12:00 p.m. – 7:00 p.m.
Open every day
Admission to the exhibition is free.
The final bidding will begin with the sequential closing of lots on May 22 (Thursday) at 7:00 p.m. online at www.gs-art.com.
Address: Kyiv, 4 Leonida Pervomaiskoho Street
GOLDENS Auction House
+38 050 462 95 32
contact@gs-art.com
