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    The economy of Ukraine is an emerging free market, with a gross domestic product that has experienced rapid growth in recent years until the recent economic downturn. Ukraine`s economy shrank 14.4% year-on-year in November 2008 and is predicted to contract by around 9% in 2009. The Ukraine has rich farmlands, a well-developed industrial base, a highly trained labor force, and a good education system. Most of Ukrainian trade is conducted with Russia and the European Union. An overcrowded world steel market threatens prospects for Ukraine's principal exports of non-agricultural goods such as ferrous metals and other steel products. Ukraine imports 90% of its oil and most of its natural gas. Russia ranks as Ukraine's principal supplier of oil, and Russian firms now own and/or operate the majority of Ukraine's refining capacity.

    Currently the outlook for the Ukrainian real estate market is shaky. There has not been the expected absorption of new supply that has recently come on the market and demand from occupiers and investors alike is dropping. As the political situation is not seen as stable few investors and occupiers are heading to the Ukraine. When combined both of these mean that the rents and purchase prices will continue to depress and the near term prediction is that this trend will continue through the future

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