Economy
Donetsk and the surrounding territories are heavily urbanised and agglomerated into conurbation. The workforce is heavily involved with heavy industry, especially coal mining. The city is an important center of heavy industry and coal mines in the Donets Basin (Donbass) and Ukraine. Directly under the city lie coal mines, which have recently seen an increase in mining accidents, the most recent accident being at the Zasyadko mine, which killed over 100 workers.
Donetsk's economy consists of about 200 industrial organizations that have a total production output of more than 50 billion hryvnias per year and more than 20,000 medium-small sized organizations. The city's coal mining industry comprises 17 coal mines and two concentrating mills; the metallurgy industry comprises 5 large metallurgical plants located throughout the city; the engineering market comprises 67 organizations, and the food industry — 32 organizations.
After the fall of the Soviet Union, Donetsk and other neighboring cities of the Donbass suffered heavily, as many factories were closed down and many inhabitants lost their jobs. However, in spite of the difficult economic situation in Ukraine, Donetsk is a developing city. About 412 thousand m² of living space, 7.9 km of gas networks, and 15.1 km of water supply networks were constructed in the city during 1998–2001.
The city also houses the "Donetsk" special economic zone. Donetsk currently has nine sister cities. The German city of Magdeburg had economic partnerships with Donetsk during 1962–1996.
The airline Donbassaero has its head office on the property of Donetsk International Airport.
In 2012, Donetsk was admitted as the best city for business in Ukraine by Forbes. Donetsk topped the rating in five indicators: human capital, the purchasing power of citizens, investment climate, economic stability, as well as infrastructure and comfort.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)