Ukraine GDP 2010 - the historical level

For the first time in the history of Ukraine independence nominal GDP crossed 1 trillion UAH. However, there is no cause for enthusiasm - the phenomenal growth was provided by inflation.

Nominal GDP growth in Ukraine, according to Goskomstat, in 2010 reached the level of 1,086 trillion UAH. GDP per capita is 23,7 ths. UAH (2,96 ths. USA), which is double the last year's data.

At the same time, analysts reasonable notice that the growth of nominal GDP does not necessarily mean better life for the Ukrainians as a whole. Rather, states an unprecedented rise in prices for consumer basket as a whole. The increase in nominal GDP of Ukraine was mainly due to inflation: prices have doubled, while the change in real GDP over this period cumulatively was close to zero.

Doubling per capita GDP in UAH and its growth in the dollar by 30% suggests that living standards in Ukraine, to some extent increased. However, it still remains low even in comparison with CIS countries.

GDP per capita in Ukraine is one of the lowest levels among the countries of Eastern Europe. Even considering the growth in this indicator, talking about a substantial improvement of living standards in Ukraine does not allow the average level of income.

Real GDP growth for 2010 was 4.2%.

Real GDP growth in Ukraine twice higher than in the EU (according to Eurostat, the GDP growth of EU-27 amounted to 1.8%). Among the main reasons for the relatively high GDP growth rates is low comparison base and enhance of the metallurgical sector. 

A key role in 2010 also export growth has played. The largest contribution to the growth in nominal GDP belongs to the industrial sector. The main driving forces of growth were metallurgy, machine building and chemical industry.

In 2011, real GDP growth is expected to reach 5% and can reach a nominal 1,269 trillion. UAH. Growth in real inflation is expected to reach 15%.