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Barry Mason
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9 Trade and economic cooperation According to the State Statistics Service of Ukraine, in 2016 overall turnover of trade in goods and services between Ukraine and Iceland amounted to $67808,4 thousand USD, increase of 104,1%, including exports - $2250,3 thousand USD, decreased by 2,3%, imports - $65558,1 thousand USD, increase of 112,1%. Trade balance remains negative -$63307,8 thousand USD. Trade in goods Іn 2016 the indicator of bilateral trade in goods amounted to $64893,8 thousand USD, increase of 108,3%, including exports - $639,9 thousand USD, increase of 141,3%, imports - $64253,9 thousand USD, increase of 108%, negative balance for Ukraine is -$63614,0 thousand USD. Commodity structure of exports: grain crops (32%), nuclear reactors, boilers, machinery (22,6%), plastics, polymers (13%), wood and wood products (10,8%), tanning extracts (5,4%), meat and by-products (2,7%), head wear (2,7%), paper and cardboard (1,7%), products made from ferrous metals (1,8%), furniture (1,8%), glass and glassware (1,1%). Commodity structure of imports: fish and shellfish (95,4%), nuclear reactors, boilers, machinery (2,3%), pharmaceutical products (1%). Trade in services Іn 2016 the volume of trade in services amounted to $2914,6 thousand USD, increase of 41,2%, including exports - $1610,4 thousand USD, decreased by 21%, imports - $1304,2 thousand USD, increase of 4766,4%, active balance for Ukraine is $306,2 thousand USD. The structure of exports of services: business services (44,9%), transportation (32,1%), computer and information services (18,6%), services related to travel (4,4%). The structure of imports of services: business services (91,1%), services related to travel (4,3%), royalty (3,4%), transportation (1%), computer and information services (0,2%).

10 Indicators of bilateral trade turnover (thousands of US dollars) Exports Imports Balance Total 2014 goods 191, , , ,9 services 1 874,3 42, , ,8 total 2 066,0 ( 8,6%) ,7 (63,8 %) ,7 ( 65%) ,7 ( 62,5%) 2015 goods 265, , , ,3 services 2 037,6 26, , ,4 total 2 302,8 ( 11,5%) ,9 ( 25,2%) ,1 ( 27,2%) ,7 ( 23,5 %) 2016 goods 639,9 ( 141,3%) ,9 ( 108%) services 1 610,4 ( 21%) 1 304,2 ( 4766,4%) total 2 250,3 ( 2,3%) ,1 ( 112,1%) , ,8 ( 108,3%) 306, ,6 ( 41,2%) , ,4 ( 104,1%)

11 Legal basis Convention between Governments of Ukraine and the Republic of Iceland on the Avoidance of Double Taxation and Prevention of Fiscal Evasion on Taxes on Income and Capital dated November, (entered into force ); Free Trade Agreement between Ukraine and the EFTA States dated June, (entered into force ); Agreement on Agriculture between Ukraine and Iceland dated June, (entered into force ); Agreement between the Cabinet of Ministers of Ukraine and the Government of Iceland on the facilitation of the issuance of visas dated September, (entered into force ); Agreement between the Cabinet of Ministers of Ukraine and the Government of Iceland on readmission of persons dated September, (entered into force ); Memorandum of understanding on cooperation in the field of energy efficiency and renewable energy between the State agency on energy efficiency and energy saving of Ukraine and the National energy authority of Iceland dated May,

16 Ukraine s recovery continued to gather momentum in Q4, benefiting from a low base of comparison and an improved internal environment. GDP in Q4 expanded 4.8% on a year-on-year basis, up from the 2.3% figure registered in Q3 and marking the highest growth rate in five years. Q4 s reading came in a notch above the preliminary estimate of 4.7% growth. Looking at the details, booming fixed investment continued to support the visible firming of economic activity in Ukraine. Fixed investment soared 27.1% over the same period of the previous year, marking the best result in recent history (Q3: +23.9% yoy). The surge is largely due to greater political stability within the crisis-hit economy, the rebuilding of infrastructure and a revival in bank lending. The result also reflects an extremely low base of comparison. In contrast, private consumption slid from a 4.7% expansion in Q3 to 0.9% growth in Q4, as high unemployment and the aftermath of the recession weighed on household spending. Government consumption also deteriorated, falling 2.2% the largest contraction since Q The external sector subtracted from growth in the fourth quarter, although to a lesser extent then in the previous period. Exports rebounded and grew 9.7%, supported by booming agricultural production. However, imports soared 19.6% to support investment, limiting the gains from external demand. For the full year, growth came in at 2.3%, a profound improvement form 2015 s 9.9% contraction. March 22, 2017

17 Economic development and trade opportunities: - Ukraine is mainstreaming the most innovative public procurement system in Europe (ProZorro) which has been recognized internationally for its effectiveness in reducing the potential for corruption in the awarding of public contracts and saving for country $millions of public funds through efficiency savings. Prozorro won a prestigious World Procurement Award in May 2016 and was named as the best procurement system in the world according Open Government Awards. - Ukraine has climbed from 112th to 80th in the World Bank's Doing Business ranking. It is a large improvement in 2,5 years, to climb by 32 positions. The current rank shows that we are moving in the right direction. Moreover, Ukraine is 30th in starting a business ranking out of 189 economies. - Within the tax reform in 2015/16, the government introduced a number of measures to encourage businesses: it reduced the number of taxes from 22 to 11, decreased the number of tax reporting forms and administrative regulations and introduced unified and transparent rules for all commercial entities.

18 B2B - EMBASSY OF UKRAINE IN FINLAND & ICELAND - UKRAINIAN LEAGUE OF INDUSTRIALISTS AND ENTREPRENEURS - American Chamber of Commerce in Ukraine - Ukrainian Chamber of Commerce and Industry

THE REAL ECONOMY BULLETIN

THE REAL ECONOMY BULLETIN GDP South Africa s recovery in the second quarter of 07 continued an emerging pattern of sharp quarterly fluctuations in. In this case, expansion was driven principally by agriculture and mining, with