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Ukraine

Capital City: Kiev
%T:%M %A in Kiev
The economy slackened in 2005. Annual GDP growth rate was 12.1% in 2004 and 5.5% in 2005. According to the IMF growth should reach an approximate 5.4% in 2006. Despite these optimistic recent economic results, Ukraine has not achieved its economic transition since its independence in 1991. The country attracts few foreign direct investments (FDI) because of poverty and insecure business climate - repetitive political crisis and serious corruption. New Parliament's election is likely to improve international investors confidence.

The agriculture sector has a major role in Ukraine and represents nearly 14% of the GDP. Wheat is the main crop and the country has become the world's fifth largest cereals exporter. Mining natural resources are huge. Iron (Ukraine is the sixth iron producer in the world), magnesium and coal are found among the main natural resources. The Ukrainian industrial sector is dominated by heavy sectors: steel (30% of the industrial production, world's sixth largest producer), coal mines, chemistry, mechanics and shipbuilding industries.

Its top three export partners are Russia, Turkey and Italy. 40% of the country's exports are metallurgical products. Ukraine depends on its energy products imports from Russia, which add up to more than a third of its total imports. Ukraine's top three import partners are Russia, Turkmenistan and Germany. Ukraine mainly imports hydrocarbons, machinery and vehicles.

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