Page 32 - UKRRptSept18

it into capital and try to sell or wind down.
The actual amount of “real” Russian investment is closer to $30mn, which is on a par with EU investments, or slightly less. Bottom line is whatever the breakdown is, these sums are negligible compared to both Ukraine’s size and its need for investment.
New foreign direct investment in Ukraine was $1.9bn in 2017 , the State Statistics Service said. About one quarter, or $506mn, was from Cyprus, presumably offshore Ukrainian or Russian money. The next four sources were: Russia -- $396mn; the Netherlands -- $262mn; Britain -- $212mn; and Germany -- $119mn.
6.0 Public Sector 6.1 Budget
Budget and debt indicators
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
State budget revenues, UAH bln
231.7
209.7
240.6
314.6
346
339.2
357
519
616.3
793.4
905.2
% of GDP
24.40%
23.00%
22.30%
24.20%
24.60%
23.20%
22.80%
26.90%
26.20%
26.60%
25.80%
State budget expenditures, UAH bln
244.2
245.2
304.9
338.1
399.4
403.9
435
552
686.4
841.3
1001
% of GDP
25.80%
26.80%
28.30%
26.00%
28.40%
27.60%
27.80%
29.20%
28.90%
28.20%
28.50%
State budget balance, UAH bln
-12.5
-35.5
-64.3
-23.6
-53.4
-64.7
-78
-33
-70.1
-47.9
-96
% of GDP
-1.3%
-3.9%
-6.0%
-1.8%
-3.8%
-4.4%
-5.0%
-1.7%
-3.0%
-1.60%
-2.70%
Public debt, UAH bln
189
318
432
473
516
584
1,101
1,594
1,930
2142
2285
% GDP
20.00%
34.80%
40.10%
36.40%
36.70%
39.90%
70.30%
82.70%
82.10%
71.80%
65.20%
S ource: SP Advisors
Ukraine’s general budget revenue increased by 19.1% year-on-year to UAH84.7bn in July , accelerating from a 14.1% y/y growth in the prior month, owing to rising tax revenue, the State Treasury reported on August 27. Budget expenditures improved 24% y/y to UAH86.8bn in July, accelerating from 21.1% y/y growth in June. The general budget deficit amounted to UAH2.1bn in July (vs a UAH3.3bn deficit in June). Tax revenue jumped by 28.4%, accelerating from a 17.1% y/y growth in June. In particular, net VAT receipts swelled by 88%. Receipts from enterprise profit tax picked up by 13% y/y after a 46% y/y decline in June. The growth of excise taxes for domestic goods accelerated by 23% y/y from a 13% y/y growth in the previous month. Strong growth of personal income tax continued as well, reaching 25% y/y in July. Meanwhile, non-tax revenue declined by 27.5% y/y after a 7.7% y/y growth in the previous month. In particular, income from ownership and entrepreneurship plummeted by 78% y/y. In January-July, the general budget posted a surplus of UAH8.2bn amid revenue growth of 15.0% y/y and an expenditure surge of 25.3% y/y. General budget revenue has already met 61% of the 2018 plan in January-July, while the expenditures are at 50%. Evgeniya Akhtyrko at Kyiv-based brokerage Concorde Capital believes that the general budget is in a deficit for the second month in a row amid fast growing expenditures.
32 UKRAINE Country Report September 2018 www.intellinews.com