INVESTMENT ACTIVITY IN UKRAINE IN THE CONDITIONS OF STRUCTURAL SHIFTS OF THE ECONOMY: ANALYSIS OF CAPITAL INVESTMENTS AND CALCULATION METHODS

The article examines the volume of capital investments in some types of economic activity in Ukraine in 2011–2023 in terms of investments in tangible and intangible assets. The largest volume was in the pre-war year – 2021. If we analyze the 2 years of the war, then in 2023 capital investments were 46,618.573 million UAH less than in 2021. But if we compare with 2022, then capital investments were 1.53 times higher in 2023. It becomes obvious that, despite the war, the country recovered and the situation with capital investments improved in the second year of the war. The volume of capital investments in Ukraine is analyzed in terms of some expenses by industry for 2011–2023 and from the position of expenditure items. The largest expenses were incurred on the acquisition and creation of new assets in both 2021 and 2023. There is even a slight increase in expenses in 2023 by 6,999.637 million UAH, which we consider a positive trend from the standpoint of the country’s innovative development. The author made an attempt to reveal the peculiarities of investment activity in conditions of martial law and structural shifts in the economy. Currently, there is a systemic preference for capital investments in industry. During the 2 years of the war, the amount of investment in industry amounted to 346,764.845 million UAH, while the agriculture, forestry and fisheries sectors received capital investments in the amount of 116,871.561 million UAH during the same period, which is 2.96 times less. Capital investments in computer programming, consulting and the provision of information services in 2022–2023 were 5.14 times less than in the information and telecommunications sector, or 7,970.038 million UAH. Formulas with explanations for assessing the value of money taking into account the liquidity factor, taking into account the risk factor, and formulas used to calculate investment activity are presented. The opinion is expressed that the institutional component of the country’s innovation and investment development and the speed of digitization of business processes at enterprises of all sectors of the economy will play an important role on the path to the post-war reconstruction of the Ukrainian economy. In the near future, it is worth increasing capital investment spending in the direction of technical testing and research, computer programming support from Ukrainian developers. Currently, the country needs to pursue an investment policy that shifts practical emphasis to investments in intangible assets.