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Key Economic Data 
 
  2003 2002 2001 Ranking(2003)
GDP
Millions of US $ 49,537 41,380 37,600 55
         
GNI per capita
 US $ 970 770 720 137
Ranking is given out of 208 nations - (data from the World Bank)

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Update No: 322 - (25/10/07)

Timoshenko to head new government
Ukraine's former premier Yulia Timoshenko is to form a new government, it was proclatmed on October 24, after President Viktor Yushchenko had agreed to back her for the post of prime minister.

The parties of the 2004 "Orange Revolution" that swept Yushchenko to power, managed to gain a tiny majority at an election three weeks previously, ahead of the party of the president's rival, Prime Minister Viktor Yanukovic.

She said the new government's first tasks would include removing privileges for parliamentarians and altering legislation curbing the president's powers.

Earlier, Yushchenko said Timoshenko's bloc and the pro-presidential Our Ukraine party had submitted an agreement to form a coalition and said he was ready to confirm their proposed prime minister.

The two "Orange" parties hold 228 seats -- two more than are needed to win most votes -- after the September 30 election.

Paralysis over
Rivalry between Yanukovich, who bounced back from his 2004 reversal to become prime minister, and Yushchenko, had brought on political paralysis, which this election was meant to solve.
Yushchenko urged the Orange camp to formulate a government quickly. "Let me remind the political forces that this is a matter to be dealt with in timely fashion," he said.

"The public is expecting, at the first parliamentary sitting, the election of a speaker, the approval of key documents and the appointment of a government. This is the logical sequence of steps."

Coalition government
The Orange camp will have to wait for the first sitting of parliament -- as yet unscheduled -- before they can propose a coalition government and prime minister, which then needs to be accepted by the president and passed by parliament.

Parliament has to hold its first session within 30 days after the results of the election are officially published. The results have been announced but are not yet published.

The Yanukovich factor
Yakunovich, whose party remains the largest in the new parliament, said a "one-colour" government would be ineffective.

"The balance of political forces at the moment is such that this is practically impossible," he told a cabinet meeting. "We will pursue efforts to unite Ukraine so that people can live in stable fashion and the government can work effectively."

Yanukovich discounted suggestions a new election might prove necessary if parliament were unable to sit, if for instance, opposition deputies refused to take their seats.

He has previously said he would go into opposition if he did not keep his job as premier.
He has advocated a "broad coalition" between his party and Our Ukraine, a notion touted by some commentators as a way to bridge traditional differences between nationalist western Ukraine and the Russian-speaking east.

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