Ukraine's previously unstable political situation caused various problems for the economy. When Victor Yushchenko came into power several reforms took place and Ukraine's economy grew some 12.1% in the year 2004. Unfortunately high oil prices as well as an increase in inflation caused the economy of Ukraine to slow down in 2005.
Ukraine has a well-developed industrial base and rich farmlands. The country also has quite a lot of mineral resources which are drawn on for both local use and exportation. The main exports from Ukraine are ferrous and nonferrous metals, chemicals, machinery, fuel and petroleum products, transport equipment and food products. Currently the country's gross domestic product is an estimated ...