Page 42 - UKRRptMay19

6.0 Public Sector 6.1 Budget
Budget and debt indicators
State budget revenues, UAH bln
% of GDP
State budget expenditures, UAH bln
% of GDP
State budget balance, UAH bln
% of GDP
Public debt, UAH bln
% GDP
2008
231.7
24.4%
244.2
25.8%
-12.5
-1.3%
189
20.0%
2009
209.7
23.0%
245.2
26.8%
-35.5
-3.9%
318
34.8%
2010
240.6
22.3%
304.9
28.3%
-64.3
-6.0%
432
40.1%
2011
314.6
24.2%
338.1
26.0%
-23.6
-1.8%
473
36.4%
2012
346
24.6%
399.4
28.4%
-53.4
-3.8%
516
36.7%
2013
339.2
23.2%
403.9
27.6%
-64.7
-4.4%
584
39.9%
2014
357
22.8%
435
27.8%
-78
-5.0%
1,101
70.3%
2015
519
26.9%
552
29.2%
-33
-1.7%
1,594
82.7%
2016
616.3
26.2%
686.4
28.9%
-70.1
-3.0%
1,930
82.1%
2017
724
26.3%
806
29.3%
-82
-3.0%
2,175
79.0%
2018
905.2
25.8%
1,001
28.5%
-96
-3.0%
2,285
65.2%
Source: SP Advisors
The deficit of the national budget of Ukraine in the first quarter of 2019 was UAH25.3bn ($934mn) with the approved annual figure of UAH90bn, such preliminary data of the State Treasury Service were voiced by the Ministry of Finance. "The deficit was financed by government borrowings. Privatization receipts amounted to UAH184mn," the ministry said in a press release. According to its data, at the expense of government domestic loan bonds the national budget was financed by UAH87.3bn (UAH57.3bn, $1bn and EUR38.7mn), a loan of €529.2mn was raised under the guarantee of the World Bank, and eurobonds worth $350mn with maturity in 2028 were additionally placed. The ministry said that in the first quarter of 2019, state budget revenues increased by 8.7% compared to the same period of 2018, to UAH210.5bn, making up 95.3% of the target, in particular general fund receipts were UAH178.2bn, or 91.8% of the plan. Among the reasons for the under- fulfillment of the plan, the ministry named the reduction in tobacco production, the release of solar panels imports from VAT from January 2019, the decline in natural gas imports by Naftogaz Ukrainy, the strengthening of the hryvnia, and the overpayment of natural gas royalty for UAH600mn as of the beginning of February. a
Ukraine's state budget revenue rose 8.7% year-on-year to UAH193.6 in January-March, which is 4.9% below plan, the State Treasury provisionally reported on April 1.
Net tax revenue increased 4.3% y/y to UAH96.5bn (7.8% below plan). Customs revenue inched up 1.0% y/y to UAH75.6bn (9.5% below plan).
In March alone, Ukraine’s state budget revenue rose 4.4% y/y to UAH85.7bn, which is 10.0% y/y below plan. The weak growth of budget revenue was mostly due to a 61.5% y/y drop under the line item of “other ministries and government agencies”. Net tax revenue in March increased 5% y/y to UAH47.5bn (2.3% below plan).
42 UKRAINE Country Report May 2019 www.intellinews.com