Farming was the most profitable economic activity in Ukraine
Farming was the most profitable economic activity in Ukraine last year, netting $3 billion, reports the National Scientific Center Institute of Agrarian Economics. Of the nation’s farms, 83% made money, and 17% lost money. In 2019, a year of record grain harvests, profits were 13% higher -- $3.4 billion. This year, with the grain harvest expected to be an all time record, farming profits are expected to also hit record levels.
According to the results of 2020, the most profitable enterprises in Ukraine were agricultural companies
The level of profitability of agricultural, forestry and fisheries in 2020 amounted to 13.5% and became the highest among all economic activities in Ukraine, said the director of the National Research Center "Institute of Agrarian Economics" Academician of NAAS Yuri Lupenko, commenting on recently published data Statistics Service of Ukraine on the results of enterprises by type of economic activity for 2020.
In general, the profitability of all Ukrainian enterprises in 2020 amounted to 1.1%. The highest level after agriculture is in the sphere of financial and insurance activity - 12.6%, in the sphere of health care and social assistance - 12.2%, as well as in the sphere of information and telecommunications - 6.4%.
Half of the economic activities were unprofitable, including industry (‑1.1%) and construction (‑1.0%). The lowest level of enterprises in the field of real estate (‑16.3%), temporary accommodation and catering (‑12.5%), arts, sports, entertainment and recreation (‑11.9%), said Yuri Lupenko.
At the same time, he stressed, the result of operating activities of enterprises of most economic activities, except for the mentioned areas of real estate transactions (‑5.4%), temporary accommodation and catering (‑8.9%), arts, sports, entertainment and recreation (‑9.6%), was positive - the level of profitability was 6.5%.
The highest figure was also in agriculture, forestry and fisheries - 18.4%. In 2019, the scientist reminded, all types of economic activity were profitable. At the same time, agriculture (according to the NACE) ranked third in terms of profitability - 15.6% against 7.7% in the economy as a whole. Thus, in the general recession of 2020, agricultural enterprises provided the best indicators of economic efficiency, summed up Yuri Lupenko.