Monthly economic monitoring

  • Monthly Economic Monitor Ukraine No.2 (208)


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    Better access to the healthcare: is it possible in Ukraine?

    During many years, healthcare system remained one of the least reformed in Ukraine. Quality of healthcare was going down and the system was mired in corruption and unofficial payments. Ukrainians often complain about costs of healthcare services and medicines. As a result, the necessity of healthcare reform was clear, but there was no agreement on the best path forward. In 2014, the Strategic Advisory Group under the support of the Soros’s Foundation prepared the Strategy of Healthcare Reform for 2015-2020. The Strategy was not officially approved by the Government, but it was considered by the Ministry of Health while drafting legislation on healthcare reform. After long debates, the laws launching the healthcare reform were approved in 2017 with first changes starting in 2018.



    Politics:Ukraine makes another step towards reforms. The Parliament approved the Privatization Law, the Law on limited liability companies, and the Law on credit register.

    Real sector:According to the preliminary Ukrstat estimate, the growth of real GDP decelerated slightly to 1.8% yoy in the fourth quarter of 2017. Economic growth in entire 2017 is likely to be 2.1-2.2%.

    Energy sector:In January, the new mechanism for financing housing and utility subsidies came into force.

    Transport: Since January 1, 2018, seaport freight fees were reduced by 20%, which would increase competitiveness of Ukrainian ports

    Agriculture:The agricultural production in 2017 declined by 2.7% yoy due to a decrease in crop production.

    External sector:Current account deficit reached USD 0.69 bn in December, which was one of the highest values since 2015.

    Fiscal policy: Consolidated fiscal expenditures in 2017 were by UAH 62.3 bn or by 6.6% lower than planned.

    Social policy:Own revenues of the Pension Fund in 2018 are planned to increase by 34.3%.

    Labour market: Average wage in 2017 increased by 18.9% yoy in real termsprimarily due to surge of minimum wage.

    Monetary policy: The NBU increased policy rate from 14.5% p.a. to 16.0% p.a.

    Exchange rate: The NBU international reserves reduced to USD 18.4 bn in January.

    State debt:Non-residents increased their holdings of the domestic government bonds in January.

    Issue:  No.2 (208) February 2018
    Attached file  (307.9 kb)
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