Page 33 - UKRRptMay19

5.0 External Sector & Trade
Balance of payments
Current account balance, USD bln
% GDP
Financial account balance, USD bln
% GDP
FDI net, USD bln
% of GDP
Gross NBU reserves (eop), USD bln
Source: SP Advisors
2008
-12.8
-7.10%
9.7
5.40%
9.9
5.50%
31.5
2009
-1.7
-1.50%
-12
-10.20%
4.7
4.00%
26.5
2010
-3
-2.20%
8
5.90%
5.8
4.20%
34.6
2011
-10.2
-6.30%
7.8
4.80%
7
4.30%
31.8
2012
-14.3
-8.10%
10.1
5.80%
6.6
3.80%
24.5
2013
-16.5
-9.00%
18.5
10.10%
3.4
1.80%
20.4
2014
-5.3
-4.00%
-8
-6.10%
0.3
0.20%
7.5
2015
-1
-1.10%
0.8
0.90%
2.5
2.80%
13.3
2016
-3.5
-3.70%
4.7
5.00%
3.3
3.50%
15.5
2017
-2.1
-1.90%
4.7
4.20%
1.2
1.10%
18.8
2018F
-2.8
-2.10%
2
1.50%
2
1.50%
19
5.1 External sector overview
Labour is now Ukraine’s second largest export, after food. Wage remittances now are more than the total exports of metals and IT services combined. With more than a $1bn a month coming into Ukraine, economists say wage remittances boost retail sales and residential construction and help explain why the hyrvnia / dollar exchange is basically unchanged for three years.
33 UKRAINE Country Report May 2019 www.intellinews.com