The state budget revenue amounted to UAH793bn (about USD28.3bn) last year, local news agencies have reported, citing preliminary figures from the FinMin. That was 2.7% more than the target of UAH771bn. Expenditure amounted to UAH837bn, according to the reports. That’s a bit less than the target of UAH841bn, in line with the budget targets as amended by parliament last July. If so, deficit apparently came out below the projected 2.7% of GDP.
That must have been partly thanks to high inflation. Revenue was 28.7% higher than in 2016, and expenditure was 22.1% higher.
We recall that the state budget posted a surplus of UAH5.5bn in January-November. In line with the budget law approved for this year, the government expects that deficit will decline further to 2.4%.