Local Economy

Economy
Unique natural and climatic resources, historical and cultural inheritance are the main factors of investment appeal of the Sevastopol region. In general Ukrainian market is characterised by fixed growth of demand and positive macroeconomic indexes.
Economic players
According to statistics more than 14 thousand economic players were registered in 2010 in Sevastopol, including the enterprises of different types and forms of ownership.
The volume of sold production and services in 2009:

The majority of economic players occupy with wholesale and retail trade, real estate operations and rendering of services. The industrial branch is on the fourth place. The most significant branches of the city are the following: ship-repair, food, processing, light, wood - and metal-working industry, metallurgy, machine-building and instrument making.
Besides, Sevastopol is known as one of the largest international ports in Ukraine, where the sea fish port, the sea commercial port, four ship-repair plants, two bulk-oil terminals and some other enterprises of a marine complex operate. There are also several big industrial plants of fishery, which produce fish canned food, bloated, dried, and pickled fish products.
The ship-repair potential of the region is presented by 6 factories for restoration of courts of any types and classes. The majority of sea refrigerator and research fleet of Ukraine is founded in Sevastopol.
Salary
The monthly average salary of one worker in 2010 makes 2167 hryvnias. The maximum wage is found in the sphere of financial services, the workers of fishing industry have minimum wage.
Export
Nowadays the external economic relations with other countries become wider and thus reflecting the evident economic development of the Sevastopol region.
Basically Sevastopol exports mechanical and electric equipment, various mechanisms and details, gears for reproduction and sound recording, images, foodstuffs.
The export volume of goods, $ million
Foreign trade is presented by such partners as: Russia, Cyprus, Switzerland and USA.
Direct foreign investments
As of 10/1/2010 year the total amount of direct foreign investments into the city-region has made about 162 million US dollars, the growth of foreign investments corresponds to 101,8 % that makes 427,6 US dollars in recalculation on one city dweller. The vested interests of Sevastopol make 0,4 % from all foreign investments involved to Ukraine, it foots up to 40,4 billion US dollars.
The total investments have been carried out into the region by 29 countries. The major of them are:
Cyprus 84,0 million US dollars (52,4 %);
Russia 32,6 million US dollars (20,3 %);
Switzerland 5,9 million US dollars (3,7 %);
Seychelles 5,5 million US dollars (3,4 %);
The British Virgin Islands 3,3 million US dollars (2,1 %);
Islands of Panama 3,3 million US dollars (2,1 %).
Distribution of foreign investments:
- Transport and communications - 36,9 %; - machine building - 6,9 %
- Industry - 25,0 %; - educational sphere - 6,4 %
- Building - 10,5 %. - real estate - 9,3 %
Considering the extensive territory of the region, indexes of growth of the last years and the volume of foreign investments, it is necessary to mark ineffective usage of investment potential of the city. Creation of a competitive investment product, business climate betterment, attraction of some new investors are the priority measures of Sevastopol authorities in economic sphere.