State budget revenue fell 2% short of the target in January-May, according to preliminary figures reported by the state treasury. We recall that state budget revenue was 5% short of the target in Q1’19, so the situation improved in April and May, and that was thanks to a transfer by the central bank (NBU) of part of its revenue for last year to the budget. The NBU transferred UAH64bn, double the sum it transferred a year earlier. At the same time, tax revenue was 8% short of the target in January-May, and customs revenue was 9% short of the target, partly because of a strong hryvnia. In May alone, tax revenue was already 10% short of the target, and customs revenue was 7% short.
The NBU reported earlier that the state budget deficit shrank to UAH1.7bn in January-April from UAH20.6bn a year earlier thanks to the NBU transferring UAH48bn to the budget in April.