Russian attacks on critical infrastructure facilities in October accelerated the fall in GDP to 39% from October 2021, which is worse than in September-August – 35%, said First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko at a meeting with representatives of the American media.
The fall in Ukraine’s GDP in 2022 could be 33-35%, Finance Minister Serhiy Marchenko said at a briefing in Kyiv.
Massive Russian missile strikes on the Ukrainian energy infrastructure, which began in October, stopped the trend of slowing down the decline in the Ukrainian economy, its forecast for the year has been worsened from 32% to 35%, the ICU investment group reports in an updated macroeconomic forecast.
Dragon Capital investment company, one of the leaders in the Ukrainian market, worsened its forecast for a decline in real GDP this year by 2 percentage points, to 32% and retained its forecast for a decline in 2023 by another 5%, despite the improvement in the key assumption about the course of the war.
Exports of goods from Ukraine in October fell by 8.2% compared to September, to $3.805 billion, while imports rose by 2.6%, to $4.615 billion, Deputy Economy Minister and Trade Representative Taras Kachka said.
The deficit of Ukraine’s foreign trade in goods in January-September 2022 increased 2.4 times compared to the same period in 2021, to $5.419 billion from $2.264 billion.
The growth of consumer prices in Ukraine in October 2022 accelerated to 2.5% from 1.9% in September, 1.1% in August and 0.7% in July.
The money supply in Ukraine (M3), after growing by 0.8% in September, added another 2.3% in October, or UAH 52.6 billion, to UAH 2.330 trillion, the National Bank of Ukraine (NBU) said.
Ukraine, which has achieved a deferral of repayment and payment of a significant part of external obligations to private creditors and the Paris Club, may enter into negotiations on the final terms of restructuring for the state debt closer to the end of the war, Deputy Head of the President’s Office Rostyslav Shurma has said.
Economic Monitoring’s Project Manager – PhD in Economics, Maksim Urakin
During the last two months a series of scientific and practical seminars-tastings of vintage drinks of 20-80 years old were held on the basis of Analytical center “Club of experts” with the assistance of a public association “Ukrsadvindindprom” and Charity fund “Reconstruction and development of Ukraine”. Representatives of Ukrainian wine industry, retail, mass media and other experts took part in these seminars.
All in all, participants of the workshops got acquainted with more than 40 kinds of vintage alcohol, produced in Ukraine and European countries in the second half of the last century. The total age of the drinks exceeds 3000 years.
In particular, such famous Ukrainian collection brands, as “Massandra sherry” from the 1980s and “Black Doctor” from 2007 were presented at the conferences. Among the European alcoholic brands the participants distinguished a rare sherry brandy “Hispano” 1870 (!), another Spanish drink “Ponche Rives” 1978, vermouth “Marsala” 1950-ies and other drinks. All in all 15 different vintage drinks were evaluated by the participants.
According to the words of the expert-collector of vintage alcoholic drinks Igor Magalas, the cost of the majority of samples which were presented at the seminars does not exceed the prices of similar drinks on supermarket shelves. At the same time, the taste and eco-friendliness of vintage drinks are an order of magnitude superior to many modern brands.
“The thing is that the automation of alcohol production lines, which became widespread at the end of the last century, led to a natural decline in quality for the sake of quantity. More than once I faced situations when at closed tastings sommelier experts preferred lower class vintage alcohol produced in the 1960s-1970s to modern expensive brands bottled in the 2000s-2010s,” Magalyas noted.
According to the expert, the reason for this is not the number of years the drink has been in the bottle, but the technological process of production at the initial stages, which largely affects the bouquet and taste of any alcohol.
Maxim Urakin, the organizer of the series of seminars, in turn, expressed hope for the further development of the vintage drinks market in Ukraine and for promotion of the culture of their consumption in the new year 2023.
“We will continue the promotion of vintage alcohol in the Ukrainian market. In Europe this product has a wide consumer audience for a long time, while in our country it is still considered “elite” and unavailable, although in my opinion it is a delusion. Therefore, the main purpose of our seminars, to make vintage alcohol more accessible to Ukrainians” – he stressed.
Vintage (molesim) in wine-making means the year of ripening of a certain grape variety which is used to produce wine, brandy, cognac or other vintage-based drinks. This indicator is important in determining the characteristics of the drink because weather and climatic conditions change every season, which may affect both positive and negative effects on the organoleptic characteristics of beverages of the same brand.
The Club of Experts is Kiev analytical center, which is engaged in researches in the field of economics, sociology and other scientific disciplines. In particular, with the assistance of the Club of experts during the last year there were held several events for the promotion of the national winemaking products.
Public Union “Ukrsadvindindprom” was a partner of the seminar and tasting. “Ukrsadvindwinprom” unites about 200 producers of fruits, berries, nuts and grapes, enterprises that process fruits and berries and produce wine, as well as scientific institutions for implementation of new scientific approaches in production.
The “Reconstruction and Development of Ukraine” Charitable Foundation has been providing extensive volunteer support to the army and civilians since the war began. In particular, with the support of KNUSA Rector Petr Kulikov, the foundation donated a modern mobile hospital for the needs of the military.
CLUB_EXPERTS, CONFERENCE, SCIENCE, UKRSADVINPROM, URAKIN, VINTAGE_WINE, WINE, WINEMAKING
The Kyiv analytical center “Club of Experts” together with the consulting company “Club of Exporters of Ukraine” and the information portal Open4business launched a new project to help Ukrainian businesses achieve success in international markets.
According to the founders of the project, at the first stage, a series of video courses will be created on the YouTube platform, with the help of which it will be possible to get acquainted with the peculiarities of doing business in the EU countries, importing and exporting goods, European certification rules, etc.
“Thanks to our project, businesses will be able to receive prompt advice and assistance from our representatives both in Europe and in Ukraine,” said Maxim Urakin, founder of the Club of Experts.
According to Evgenia Litvinova, CEO of the Ukrainian Exporters Club, the business project will include not only a series of training videos, but also the possibility of providing specialized advice to those companies that want to quickly and cost-effectively enter the European and global markets.
“For each consulting assignment of our client, we carefully select a project team, which is formed from internal and external experts who are specialists in the required industries. The presence of good contacts and reputation within the country, both in industries and with various government agencies, allows us to quickly and efficiently implement projects,” Litvinova said.
For individual advice on doing business in the EU and other countries of the world, you can fill out the online form at the link:
https://docs.google.com/forms/d/e/1FAIpQLSeit-dG6SJ9E9QtDSZ4ggqQEmn1RHyAMKfDqO90Db4cDn1ZEA/viewform
Project partners:
Exporters Club: https://people2people.com.ua/ru/
Portal Open4business: https://open4business.com.ua
Expert club channel: https://www.youtube.com/@user-nz9lh8yg9g
BUSINESS, BUSINESS_IN_EU, CLUB_EXPERTS, CLUB_EXPORTERS, HELP_BUSINESS, URAKIN, ЛИТВИНОВА
The real gross domestic product (GDP) of Ukraine in the second quarter of 2022 fell by 37.2% compared to the second quarter of 2021 after falling by 15.1% in the first quarter of this year, the State Statistics Service has published a preliminary estimate.
The decrease in real gross domestic product (GDP) of Ukraine in August 2022 compared to August 2021 is estimated at 35%, the Ministry of Economy has given such an estimate.
Ukraine’s real GDP will fall by 31% in 2022 and will recover by 8% in 2023 if half of the current major negative factors are resolved by the end of 2022, and by the end of 2023 they will disappear, predicts the investment company Concorde Capital.
The recovery of Ukraine’s real GDP next year after a 32% slump this year will be negligible-4%, due to the loss of physical assets and human capital, predicts ICU investment group.
The European Bank for Reconstruction and Development (EBRD) still expects Ukraine’s economy to contract by 30% in 2022, but for 2023 it has worsened its growth forecast from 25% to 8%, according to the bank’s Regional Economic Outlook report.
Exports of goods from Ukraine in August increased by 13.9% compared to July – up to $3.363 billion, while imports decreased by 2.3% – to $4.416 billion, said the Ministry of Economy. According to its data, as a result of negative balance of Ukraine’s foreign trade in goods in the past month decreased to $1.053 billion from $1.569 billion in July and $1.549 billion in June.
Ukraine’s merchandise trade deficit for the first half of September 2022 was only $111 million compared to $1.05 billion in August, Deputy Economy Minister – Trade Representative of Ukraine Taras Kachka said on Facebook on Thursday.
The draft state budget for 2023 provides for UAH 1.28 trillion of revenues and UAH 2.57 trillion of expenses, said Prime Minister of Ukraine Denis Shmygal.
Ukraine’s consolidated balance of payments deficit in July 2022 was $299 million compared to a surplus of UAH 484 million in July last year, the National Bank of Ukraine (NBU) said on its website.
Ukraine’s international reserves as of September 1, 2022, according to preliminary data, amounted to $25 billion 436 million (in equivalent), which is 13.6% more than at the beginning of June ($22.757bn), according to the National Bank of Ukraine.
Consumer price growth in Ukraine accelerated to 1.1% in August 2022 from 0.7% in July, the State Statistics Service (Gosstat) said.
Taxable imports of land vehicles to Ukraine in January-August 2022 decreased by 53% compared to the same period in 2021, to $2.191bn.
Head of the project “Economic Monitoring” candidate of economic sciences Maksim Urakin
On the 28th of October the scientific and practical seminar on “Vintage (molesime) wines and cognacs” was held in Kiev analytical center “Club of experts” with the assistance of the public association “Association of gardeners, winegrowers and winemakers of Ukraine” (“Ukrsadvynprom”) and with the participation of an expert collector of vintage alcoholic beverages Igor Magalyas.
There were 17 kinds of wine drinks, produced in Ukraine and Europe, aged up to 80 years. During the tasting the expert group evaluated the individual qualities of drinks with different ageing and determined their organoleptic characteristics.
According to Maxim Urakin, the organizer of the conference, in the future holding of such events will help to develop the market of vintage beverages in Ukraine and increase the export potential of domestic producers.
“At the moment vintage wines and cognacs are considered elite and unattainable for the average buyer. In reality this is not the case. In EU countries this category of drinks is available for all segments of the population and their prices are not much higher than the average price for ordinary wine on the supermarket shelves”, he said.
Co-organizer of the conference, wine expert Igor Magalyas stressed the importance of popularization of Ukrainian brands of vintage beverages in Europe.
“The market of vintage wines and cognacs in the European Union is quite extensive. The main exporters of such products are Italy, Spain and France. Ukraine has no less potential in this direction,” Magalyas emphasized.
Vintage (molesim) in wine-making means a year of vintage of a certain type of grapes, from which wine, cognac or other drink on its basis is produced. This indicator is important in determining the characteristics of the drink because weather and climatic conditions change every season, which can both positively and negatively affect the organoleptic characteristics of beverages of the same brand.
The Club of Experts is Kiev analytical center, which is engaged in researches in the field of economics, sociology and other scientific disciplines. In particular, with the assistance of the Club of experts during the last year there were held several events for the promotion of the national winemaking products.
Public Union “Ukrsadvindindprom” was a partner of the seminar and tasting. “Ukrsadvindwinprom” unites about 200 producers of fruits, berries, nuts and grapes, enterprises that process fruits and berries and produce wine, as well as scientific institutions for implementation of new scientific approaches in production.
CLUB OF EXPERTS, CONFERENCE, SCIENCE, UKRSADVINPROM, URAKIN, vintage wine, WINE, WINEMAKING, Магаляс
The Club of Experts YouTube channel has released another video announcing the events which will take place in Ukraine and in the world from November 7 to 13, 2022. In the new release the founder of the Club of experts Maksim Urakin and co-host Olga Levkun analyzed the main events planned for the nearest future.
This week in Ukraine there will be a number of events devoted to the development of business, the implementation of new technologies in the agricultural sector, IT-innovations and other topics. Among these events we should mention the presentation of a free support tool for Ukrainians on digital security – Nadiyno online platform, as well as the Ukrainian-Slovak Business Forum to be held in Uzhgorod.
In the world this week there will also be a number of major conferences and forums. Several meetings of the EU Economic and Financial Affairs Council will be held in Brussels to discuss the EU budget for the next year; on November 10-11 in Washington the International Monetary Fund will hold its annual research conference devoted to the world economy; and in France there will be the Paris Peace Forum, designed to bring together heads of state, representatives of international organizations, business leaders and civil society. November 13, Bali will also host the Business 20 Summit (B20) on the theme “Promoting innovative, inclusive and shared growth,” which will be a prologue to the main global political event of this autumn: the G20 Summit.
The main sporting events in the next seven days will be the basketball qualifying matches for the World Championship and the Formula 1 Brazilian Grand Prix. Read more details about the future sports events on the portal Sport.ua. The full version of the video can be viewed at the link:
Subscribe to the Club of Experts channel here: https://www.youtube.com/channel/UC4plQ0XBaoLOKPIXrb1aMGQ.
ANNOUNCEMENTS, CLUB_EXPERTS, EVENTS, URAKIN, ЛЕВКУН, МАКСИМ_УРАКИН
