Kyiv instance of largest city
Economy
As with most capital cities, Kyiv is a major administrative, cultural, and scientific centre of the country. It is the largest city in Ukraine in terms of both population and area and enjoys the highest levels of business activity. On 1 January 2010, there were around 238,000 business entities registered in Kyiv.Official figures show that between 2004 and 2008 Kyiv's economy outstripped the rest of the country's, growing by an annual average of 11.5%. Following the global financial crisis that began in 2007, Kyiv's economy suffered a severe setback in 2009 with gross regional product contracting by 13.5% in real terms. Although a record high, the decline in activity was 1.6 percentage points smaller than that for the country as a whole. The economy in Kyiv, as in the rest of Ukraine, recovered somewhat in 2010 and 2011. Kyiv is a middle-income city, with prices comparable to many mid-size American cities (i.e., considerably lower than Western Europe).
Because the city has a large and diverse economic base and is not dependent on any single industry and/or company, its unemployment rate has historically been relatively low – only 3.75% over 2005–2008. Indeed, even as the rate of joblessness jumped to 7.1% in 2009, it remained far below the national average of 9.6%.As of January 2022, the average monthly salary in Kyiv reached 21,347 UAH (€540) gross and 17,184 UAH (€430) net.Kyiv is the undisputed center of business and commerce of Ukraine and home to the country's largest companies, such as Naftogaz Ukrainy, Energorynok and Kyivstar. In 2010, the city accounted for 18% of national retail sales and 24% of all construction activity. Real estate is one of the major forces in Kyiv's economy. Average prices of apartments are the highest in the country and among the highest in eastern Europe. Kyiv also ranks high in terms of commercial real estate and has Ukraine's tallest office buildings (such as Gulliver and Parus) and some of Ukraine's biggest shopping malls (such as Dream Town and Ocean Plaza).
In May 2011, Kyiv authorities presented a 15-year development strategy which calls for attracting as much as EUR82 billion of foreign investment by 2025 to modernize the city's transport and utilities infrastructure and make it more attractive for tourists.
* – data not available;
** – calculated at annual average official exchange rate;
*** – ILO methodology (% of workforce).
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