Ukraine being heavily dependent on Russia for its requirement of gas and oil cannot come out of shadow economy easily. Though the government of Ukraine is attempting to come out of Russia’s influence with various fiscal and customs procedures, it is a difficult exercise as nearly 75% of Ukraine’s requirement of oil and gas is met by Russia. In spite of the political tensions, Ukraine has been able to maintain a buoyant economy because of the high price it demands for its steel in the global market.
Economic activities of Ukraine
Coal, iron ore, manganese, magnesium, mercury, nickel, titanium, graphite, kaolin and sulfur are the natural resources of Ukraine. Food grain, sugar beets, vegetables and sunflower seeds are the major agricultural products. Dairy products and beef processing are other important agriculture based activities. Mining is a major primary economic activity in Ukraine. Agriculture accounts for approximately 9% of GDP and provides employment to nearly 25% of occupied labor force.