Ukraine economy at a glance

Latest figures for Ukraine: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Ukraine on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	10.0%	September 2026	8.1% August 2026
Core inflation (excluding food and energy)	8.8%	September 2026	8.1% August 2026
Real GDP growth (year on year)	0.4%	Q2 2026	−0.5% Q1 2026
Policy rate (National Bank of Ukraine)	16.50%	November 2026	16.50% October 2026
Retail sales (year on year)	2.7%	September 2026	7.6% August 2026
Industrial production (year on year)	−9.2%	September 2026	−6.1% August 2026

Questions and answers

What is the inflation rate in Ukraine?

Ukraine's annual inflation rate was 10.0% in September 2026, up from 8.1% in August 2026.

What is the interest rate in Ukraine?

The National Bank of Ukraine key policy rate is 16.50% (as of November 2026). The next rate decision is due on 17 December 2026.

How fast is Ukraine's economy growing?

Ukraine's real GDP grew 0.4% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 1.0% in 2026 and 3.5% in 2027.

How much government debt does Ukraine have?

Ukraine's government debt is about 107.1% of GDP (latest annual figure), with a budget deficit of 17.6% of GDP.

What is Ukraine's credit rating?

Ukraine's sovereign credit ratings: S&P CCC+, Fitch CCC.

What is the VAT rate in Ukraine?

Ukraine's standard VAT rate is 20% (2026 rules).

What is the corporate tax rate in Ukraine?

Ukraine's corporate income tax rate is 18.0% (2026 rules).

Who leads Ukraine?

Ukraine is led by President Volodymyr Zelensky (head of state); Prime Minister Serhii Koretskyi (since 16 Jul 2026). Next election: None scheduled. National elections cannot be held while martial law is in force.

Outlook

The IMF (Oct 2026 WEO) expects growth of only 1.0% in 2026, after 1.8% in 2025, and a rebound to 3.5% in 2027 if the security situation allows. It projects average inflation of 8.9% in 2026 and 8.7% in 2027. The NBU's July forecast saw inflation reaching about 10% by end-2026, a level already hit in September, and the key rate held at 16% at least through Q1 2027. The main downside risks are a winter campaign against the power grid and gas production, an unfilled $32.6bn external financing gap for 2027 (which would force capital-spending cuts), and further fuel-price pressure from the Middle East war. The IMF also flags delays to tax reforms that hold up EU and IMF money. A credible ceasefire with security guarantees is the main upside, as it would unlock reconstruction investment (RDNA5 puts recovery needs at about $588bn over ten years) and allow the NBU to resume easing.

Why Ukraine matters for the world economy

Ukraine matters to the world economy through three channels. First, food: it is one of the largest exporters of corn, wheat and sunflower oil, so Black Sea shipping security and strikes on its ports and grid move world grain and vegetable-oil prices. Import-dependent buyers in North Africa, the Middle East and Asia are the most exposed, as are neighbouring EU farmers through trade-access disputes. Second, European public finances: the EU's €90bn loan for 2026-27 and the debate over using frozen Russian assets turn Ukraine's $50bn-plus annual financing need into an EU budget and bond-market issue. European defence spending and procurement are also scaled to the war. Third, energy: Ukraine's long-range strikes on Russian refineries tighten global diesel markets, already strained by the Hormuz disruption. Russian attacks on Ukraine's own grid and gas output raise Ukraine's electricity and gas imports from Poland, Slovakia, Hungary and Romania.

Politics

Zelensky dismissed Yulia Svyrydenko's cabinet in July 2026. On 16 July the Rada confirmed former Naftogaz CEO Serhii Koretskyi as prime minister with 289 votes. Serhii Marchenko stays at Finance and Denys Shmyhal at Energy. War finance dominates economic policy. The 2027 draft budget puts about two-thirds of spending into defence and security and needs $52.6bn of foreign aid, of which only about $20bn is committed. Getting the IMF- and EU-linked tax laws (parcel taxation, transfer pricing) through parliament is therefore the main domestic test. The US announced an 'energy ceasefire' on 11 October, but Moscow never confirmed it and has kept striking the power system. US-brokered talks with Russia are due to resume in Abu Dhabi in early November, but Moscow rejects an immediate ceasefire, so peace prospects and winter energy security remain the dominant macro variables.

System: Unitary semi-presidential republic, under martial law since February 2022.

Economy and taxes

GDP: US$214 billion
Population: 32.9 million
Government debt: 107.1% of GDP
Budget balance: −17.6% of GDP
Current account: −16.0% of GDP
Main exports: Grain and oilseeds (corn, wheat, sunflower oil, rapeseed), other food products, ferrous metals and iron ore, chemicals, machinery, IT services
Top export markets: Poland (11.3%), Spain (6.9%), Germany (6.8%), China (5.7%), Turkey (5.3%)
IMF growth forecast: 1.0% in 2026, 3.5% in 2027
IMF inflation forecast: 8.9% in 2026, 8.7% in 2027
Currency: UAH
Freelancer tax: A self-employed person earning the average wage (UAH 311,352 a year) pays about 39.9% of it in income tax and social contributions (2026 rules)
Top income tax rate: 23.0%
Gold reserves: 27.4 tonnes (September 2026)
Energy self-sufficiency: 73% (2024)

Recent news

4 November 2026 Ukraine-Russia-US talks set for 10-11 November after the October round fell through Kyiv Independent
A planned October round in Abu Dhabi did not take place because the Kremlin declined to join, and the talks are now scheduled for 10-11 November. Ukraine, the US, the EU and others met in Brussels on 4 November to align positions, but Moscow still rejects a full ceasefire and demands Donbas.
3 November 2026 Russia launches its biggest attack on Ukraine's energy system this year Kyiv Independent
Russia fired 289 drones and 76 missiles at power plants, substations and grid lines in 10 regions, including a substation vital to the Khmelnytskyi nuclear plant. DTEK halted three thermal power plants, and blackouts hit Kyiv and several other regions.
29 October 2026 NBU raises its key rate to 16.5% as it sees inflation reaching 12.5% UNN
The National Bank lifted its key rate by half a point to 16.5%, its third hike in a row, after inflation reached 10% in September. It now expects inflation of 12.5% at the end of 2026 and 7.3% in 2027, and plans to keep the rate at 16.5% until the second quarter of 2027.
29 October 2026 Central bank now expects Ukraine's economy to shrink in 2026, the first fall since 2022 Kyiv Independent
The NBU cut its 2026 forecast to a 0.4% contraction from 1.8% growth, blaming Russia's blockade of Ukrainian seaports, strikes on factories and logistics, steel plant shutdowns and a fuel crisis. Businesses are expected to lose about $10bn from attacks this year.
28 October 2026 Ukraine's parliament backs a 2027 budget with a $37bn deficit in a first vote Kyiv Independent
MPs approved the draft 2027 budget in first reading by 239 votes. It plans spending of Hr 7.27tn ($159bn) against revenue of Hr 5.65tn ($123bn), a deficit of nearly Hr 1.7tn ($37bn), with defence taking about two-thirds of spending. A final vote is expected in November.
23 October 2026 Russia and Ukraine set to resume US-brokered peace talks in Abu Dhabi AFP via Free Malaysia Today
The Kremlin said the next round of trilateral talks with Ukraine and the US is planned for the first half of November, around 10 November, after a standstill since early 2026. Kyiv wants talks as soon as possible, while Putin said they should focus on a final settlement rather than a short truce.

Headlines and summaries are compiled daily from the linked reports with AI assistance.