Tourism should become a tool for Ukraine’s economic recovery, and a significant increase in the volume of Ukraine’s tourism industry is possible after the end of the war and complete security stabilization, according to Natalia Yakimenko, director of the travel agency “I’ll fly wherever I want!”
According to the annual study by the World Travel & Tourism Council (WTTC), by 2035, the contribution of travel and tourism to Ukraine’s GDP could grow 1.5 times to $16.1 billion, exceeding the pre-pandemic 2019 figures, when this indicator was 620.4 billion UAH ($15.5 billion, 6.3% of GDP). The global tourism market has already managed to recover after the decline due to the COVID-19 pandemic, but the war in Ukraine is still preventing tourism from being fully utilized as a tool for economic development.
“A 1.5-fold increase in foreign tourism is possible primarily after the end of the war and complete security stabilization. An important factor could be the restoration of the possibility for men to travel abroad freely, as many families are currently unable to travel together. The market will also be supported by the potential return of Ukrainians from abroad, as people who have lived in other countries for some time will retain the habit of traveling,” Yakimenko commented to the Interfax-Ukraine agency.
She stressed that a necessary factor is the restoration of direct air links, which will make travel to and from Ukraine easier and more affordable. “Provided there is economic growth and income stabilization, demand may recover fairly quickly,” Yakimenko said.
The Ukrainian hospitality industry has significant potential for growth in volume and an increase in its share of the economy as a whole. For comparison: according to WTTC data, the contribution of travel and tourism to global GDP was $11.7 trillion in 2025, which is 7.3% more than in 2024 and 13.6% more than in pre-pandemic 2019. Travel and tourism accounted for 10.3% of the global economy, up from 10% in 2024 but still below the 10.5% recorded in 2019. In 2025, the sector supported a total of 371 million jobs worldwide (10.9% of jobs), compared to 356.6 million (10.6%).
As for Ukraine, last year tourism accounted for 5.2% of GDP, reaching UAH 413.1 billion ($10.3 billion), which is 15.2% more than in 2024, but 33.4% less than in 2019.
According to Yakimenko, the average vacation check in Ukraine is already growing, our compatriots travel less often but go for longer periods due to complex logistics, and more often choose more comfortable hotels and better infrastructure. “Many customers consciously avoid mass budget resorts and destinations with many Russian tourists, even if it is more expensive. After prolonged stress, people want a full rest and emotional recovery, so they are willing to invest more in one trip,” she says.
There is a trend toward job recovery: in 2024, 766,700 people were employed in the industry (6.2% of all jobs in Ukraine), which is less than in 2019 (1.15 million, 6.9%), but 21.9% more than in 2024. At the same time, women make up the majority of those employed in the industry — 61.1% — and the share of young people under 24 is also significant (6.7%). Only 8% are high-paying jobs.
“Traditionally, more women work in tourism—this is a feature of the service industry. Young people are also actively involved, as the market requires flexibility and quick adaptation. At the same time, there is a growing focus on corporate social responsibility—companies are creating opportunities for veterans and internally displaced persons,” Yakimenko said, outlining labor market trends.
By the end of 2025, foreign tourists will have brought 58 billion hryvnia ($1.4 billion) to the domestic economy, which is one and a half times more than in 2024, but 61.3% less than in 2019. Domestic tourism is more stable – in 2025, it generated UAH 287.2 billion ($7.2 billion), which is 11.6% more than in 2024, but 16% less than in 2019. Overall, foreign visitors accounted for only 12.6% of the total in 2025. Business tourism also accounts for a small share (5.3%), with leisure tourism accounting for the bulk of tourist traffic (94.7%).
According to WTTC forecasts for the next decade, the share of tourism in global GDP will remain stable at around 11.5%, the total volume will grow to $16.5 trillion, and the number of jobs will increase to 461.6 million.
As for Ukraine, according to the WTTC’s analytical conclusions, by 2035 the industry will generate about 6.1% of GDP, with an estimated volume of $16.1 billion. Between 2026 and 2035, up to 400,000 new jobs will be created, bringing the total number of jobs to 1.16 million. In terms of revenue, foreign visitors could bring in $4.8 billion in 2035, while domestic visitors could bring in $8.7 billion.
According to Yakimenko, the trends that intensified in Ukraine after 2022 will continue. In particular, quiet resort destinations, beach and wellness vacations are now more popular, there is less spontaneity (the demand for short trips of up to 3 days and hot tours has completely disappeared), and the share of solo trips has increased. Themed trips are also popular (fitness tours, gastronomic tours, trips with influencers, retreats, etc.). “Separately, we see the prospect of developing inclusive tourism: our agency is actively researching this area and forming a list of hotels and destinations that are convenient for people with disabilities, because after the war, the demand for accessible recreation will only grow,” said Yakimenko.
Foreign trade in dairy products in January 2026 amounted to $40.5 million, which is 35% less than in December 2025 ($61.8 million) and 26% less than in November 2025 ($54.7 million), according to the Ukrainian Dairy Industry Association (UDIA).
The industry association noted that exports in January 2026 amounted to $18.0 million, which is 27% less than in December 2025 ($24.6 million) and 24.3% less than in November 2025 ($23.8 million).
Imports in January this year amounted to $22.4 million, which is 40% less than in December 2025 ($37.2 million) and 27.5% less than in November 2025 ($30.9 million).
The export-import balance in January 2026 was negative (-$4.4 million), as it was in December 2025 (-$12.5 million) and November 2025 (-$7.0 million). The ratio of exports to imports in January was 0.80 (in December – 0.66; in November – 0.77).
The association’s analysts noted that in the value structure of exports in January 2026, 32% was accounted for by milk and condensed cream, 27% by cheese, and 21% by butter and other fats. Compared to January 2025, the share of all types of cheese increased from 22% to 27% amid a decline in the share of butter and other dairy fats from 30% to 21%.
There were no significant changes in the value structure of imports during the reporting period compared to January 2025: the share of all types of cheese decreased slightly from 79.8% to 78.4% (-1.4 percentage points), while the share of whey increased significantly, from 1.8% to 6.3%, according to the SMU.
Electromashpromservice JSC (Kryvyi Rih, Dnipropetrovsk region), which specializes in the repair of electrical equipment, ended 2025 with a net profit of UAH 2.55 million, which is 3% less than in 2024.
According to the agenda of the company’s general meeting of shareholders on March 31, it is planned to allocate the profit to the development of the enterprise, without accruing or paying dividends.
The agenda includes, in particular, the issue of preliminary approval of significant transactions, namely with the Northern Mining and Processing Plant (M&P), the Central M&P, Ingulets GOK, and Southern GOK – for the repair of equipment with a maximum total cost of UAH 50 million with each GOK, as well as for the supply of products from Sonar LLC and Tekhprovid LLC for UAH 50 million each.
Electromashpromservice PJSC performs major and medium repairs of electrical machines and transformers; technical maintenance of electric motors, generators, transformers, electromagnets; manufacture of spare parts for electric motors, electric generator sets, and rotary machines.
According to the company, its workshops are located directly on the premises of the largest enterprises in Kryvyi Rih, namely Northern GOK, Ingulets GOK, and the Diesel Plant.
“These enterprises, together with other enterprises in Kryvyi Rih, provide more than 80% of the volume of work,” according to the company’s financial report for 2024.
As of the beginning of 2025, the company employed 181 people (in 2021, there were 568 employees).
According to the company’s report, in 2024, its net income increased by 65.2% compared to the previous year, to UAH 73.1 million, and net profit increased by 88.4%, to UAH 2.64 million.
As of early 2026, Andriy Gusak, chairman of the company’s supervisory board, owns more than 24.7% of the authorized capital of JSC Elektromashpromservice, while NR member Olena Kulish and LLC AFT each own 24.9%.
The company’s authorized capital is UAH 9.37 million, and the nominal value of a share is UAH 1.05.
Forecast of dynamics of changes in Ukrainian GDP in % for 2022-2025 in relation to previous period
The Kryvyi Rih Mining and Metallurgical Plant PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipropetrovsk region) will raise prices for its rebar and wire rod by $50/ton starting in March this year.
According to a press release issued by the company on Wednesday, the main reason for this move is the extremely high cost of electricity in Ukraine. Electricity prices have continued to rise rapidly in recent years, making them the highest in Europe and seriously affecting production costs.
At the same time, it is noted that in the second quarter of 2024, the average price of electricity reached about $120 per MWh (including delivery costs, excluding VAT), which forced the company to urgently appeal to the Ukrainian government for help in curbing it. Since then, prices have continued to rise, reaching around $230 in February 2026 and exceeding $370 per MWh during peak hours.
“This unprecedented increase in the cost of electricity is forcing the company to take urgent measures to ensure the economic viability of its operations,” the press release explains.
ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular, rebar and wire rod. The company has a full production cycle, with production capacities designed for an annual output of over 6 million tons of steel, more than 5 million tons of rolled products, and over 5.5 million tons of pig iron.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Beryslav.
In 2025, NASK Oranta collected gross insurance premiums in the amount of UAH 3.73 billion, which is 58% more than in 2024, according to the insurer’s website.
Insurance payments to customers reached UAH 1.15 billion (+76% compared to 2024). The number of active contracts increased to 2.9 million (+21%).
“2025 confirmed Oranta’s ability to operate in conditions of large-scale changes, both regulatory and economic. We not only adapted to the new market rules, but also strengthened our position and continued to fulfill our obligations, in particular under contracts covering military risks,” said Jacek Meisner, Chairman of the Board of Directors.
The report emphasizes that the key factor in the growth was the reform of the compulsory civil liability insurance market for owners of land vehicles (OSCPV).
Oranta’s premiums in the MTPL segment doubled to UAH 3.06 billion. At the same time, the number of contracts decreased slightly: from 1.37 million to 1.21 million. Last year, the company paid out UAH 858 million (+76%) for this type of insurance, which is explained by structural changes in the law, namely an increase in compensation limits to UAH 500,000 for damage to health and UAH 250,000 for property, the abolition of depreciation for cars up to 5 years old, and the introduction of mandatory direct settlement – a mechanism whereby the victim applies for compensation directly to their insurance company.
The loss ratio for MTPL remains at 28%. Despite the reduction in the number of contracts, the company did not resort to dumping and maintained tariff discipline. The average cost of a policy increased from approximately UAH 1,100 to UAH 2,500, according to the information.
In addition to MTPL, the company significantly increased its presence in other segments. Premiums from voluntary medical insurance (VMI) increased by 68% to UAH 148 million, and the number of contracts increased 2.5 times to 547 thousand. Accident insurance increased by 79% in premiums and 2.7 times in the number of contracts.
The property insurance portfolio expanded to 690,000 contracts (+145%), with premiums increasing to UAH 123 million. The company increased the volume of payments in this segment, although the overall loss ratio remains under control.
A separate part of the payments in 2025 was formed by losses related to military risks. In total, during 2025 and early 2026, Oranta settled such cases for more than UAH 28 million. In particular, for damaged housing and vehicles as a result of rocket strikes and drone attacks in various regions of the country. Some of the large corporate losses were settled with the involvement of reinsurance programs.
The company’s assets increased by 55% to UAH 3.55 billion during the reporting period, and its financial result increased by 78% to UAH 279 million. Insurance reserves grew by 71% to UAH 2.32 billion, which corresponds to the volume of accepted liabilities, and profit increased by 77.6%.
In 2025, Oranta transferred almost UAH 380 million in taxes and fees to the budget and state funds. Equity capital of over UAH 1 billion provides the company with a sufficient level of solvency and resistance to market fluctuations.
PJSC National Joint Stock Insurance Company (NASK) Oranta is the successor to Ukrderzhstrakh, founded on November 25, 1921, and has been conducting insurance activities in Ukraine for over 100 years.
Since 1994, the company has been a full member of the Motor Transport Insurance Bureau of Ukraine, and since 2003, a member of the Nuclear Insurance Pool. It has a license to conduct insurance activities in 16 insurance classes.
The company employs over 3,000 experts who provide “full cycle” services: both retail and corporate insurance.
