The Economy of Ukraine
The Soviet Legacy and the 1990s
As part of the USSR, Ukraine was a hub of heavy industry, and after independence in 1991, it suffered a deep slump and hyperinflation.
Independence brought hardship.
Soviet role
Ukraine supplied coal, steel, machinery, grain and defence goods.
1991
It became independent as the Soviet Union dissolved.
Slump
GDP fell by around half in the 1990s, and inflation reached extreme levels in 1993.
New currency
The hryvnia replaced temporary coupons in 1996.
A worthless coupon
Savings lost most of their value during hyperinflation.
Assuming independence brought quick prosperity
The 1990s were extremely tough.
Key takeaways
- Ukraine was an industrial hub.
- It became independent in 1991.
- GDP halved.
- The hryvnia was introduced in 1996.
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