Current status of Ukraine building materials market - July 2009

The Ukrainian economy is second only to Russia among the CIS countries in terms of size. After Ukraine left the Soviet Union in 1991, its economy recovered strongly in a very short period of time, with average annual GDP growth of almost 7% between 2000 and 2008. This clearly indicated that Ukraine had effectively carved a new identity for itself in the global order – one capable of creating a niche for its raw materials and finished goods on the international market – by opting for a “free market” system rather than the planned economy of the Soviet era. This, in turn, explains the country’s joining of the WTO in February 2008, which made it one of the first CIS nations to be closely integrated with the global economy.