Ukrainian budget revenues grow 26.4% in 11 months of 2025, versus 21.3% increase in expenditures - Finance Ministry

MOSCOW. Dec 8 (Interfax) - Revenue from taxes, duties and mandatory payments to the general and special funds of the Ukrainian state budget totaled UAH 3.29 trillion in January-November 2025, while cash expenditures stood at UAH 4.54 trillion, which is approximately 24.1% and 20.3% higher than in the respective period of 2024, Ukrainian media said.

According to the latest data from the State Treasury, published on the Finance Ministry's website, general fund revenues increased by 23.5% to UAH 2.34 trillion, while expenditures increased by 18.1% to UAH 3.54 trillion, the media said.

In November this year, budget revenues increased by 6.6% YoY to UAH 321.5 billion, including a 4.2% increase in general budget revenues to UAH 229.3 billion. This is due to the receipt of UAH 34.3 billion in grants last month, compared to UAH 56.4 billion in November last year.

VAT on imports remained the largest source of revenue for January-November of this year, it amounted to UAH 486.6 billion (compared to UAH 424.0 billion for the first 11 months of 2024), the media said.

Following an increase in the military tax rate from 1.5% to 5% and the introduction of the UAH 20,000 salary reservation requirement, the personal income tax and military tax rose from fourth to second place in revenue for the first 11 months of this year. They stood at UAH 324.6 billion, compared to UAH 200.7 billion last year.

VAT on goods produced in Ukraine ranked third this year - UAH 278.3 billion with a refund of UAH 166.2 billion (UAH 242.7 billion with a refund of UAH 139.9 billion), while corporate income tax amounted to UAH 277.3 billion (UAH 251.3 billion), and excise tax amounted to UAH 255 billion (UAH 189.5 billion).

In addition, dividends and portions of net profits of state-owned companies amounted to UAH 67.8 billion (UAH 69.2 billion), import and export duties amounted to UAH 49.7 billion (UAH 43.8 billion), and subsoil use royalties amounted to UAH 39.6 billion (UAH 42.8 billion).

The National Bank's profit added another UAH 84.2 billion (UAH 38.6 billion) to the budget, while grants provided UAH 381.2 billion (UAH 325.6 billion), the Finance Ministry said.

Revenues from the unified social contribution (USC) to pension and social insurance funds increased by 21.1% to UAH 593.1 billion in January-November 2025, including a 13.6% increase to UAH 55.8 billion in November.

As part of financing the general budget fund, government borrowing amounted to UAH 1.96 trillion in January-November 2025, or 94.3% of the target, the ministry said. Of this, UAH 512.7 billion was received on the domestic market from the placement of government bonds, including UAH 124.6 billion in foreign currency - $2.26 billion and 645 million euros. Moreover, UAH 242.1 billion was raised through the issuance of military government bonds.

About $34.7 billion, or UAH 1.44 trillion, was received from external sources, the ministry said. In addition, Ukraine received 7.95 billion euros from the EU under the Ukraine Facility, $0.96 billion from the IMF, and $0.57 billion from the World Bank under the projects Transforming Healthcare through Reform and Investments in Efficiency (THRIVE), Delivering Resilient Infrastructure in Vulnerable Environments (DRIVE), Supporting Reconstruction through Smart Fiscal Governance (SURGE), Supporting Internally Displaced Persons in Ukraine (HOME), and Modernization of the Social Support System in Ukraine.

Public debt repayments amounted to UAH 570.9 billion in January-November 2025, or 94.2% of the target, while debt servicing payments amounted to UAH 319.9 billion, or 98.2% of the target.

As reported, following two major increases in July and October, the 2025 state budget, currently has revenue targets (excluding grants) of UAH 2.50 trillion, while expenditures are UAH 4.65 trillion, including general fund expenditures of UAH 2.28 trillion and UAH 4.29 trillion, respectively.

In, the state budget received UAH 3.12 trillion in revenue, which is UAH 0.45 trillion, or 16.8%, higher than those of the 2023 state budget. For the general fund, revenue growth amounted to UAH 0.51 trillion, or 30.9%, to UAH 2.18 trillion. In particular, international financial assistance in the form of grants amounted to UAH 0.45 trillion, compared to UAH 0.43 trillion in 2023.

In 2024, state budget expenditures increased by UAH 0.46 trillion, or 11.6%, compared to 2023, to UAH 4.48 trillion, including a 15%, or UAH 0.45 trillion increase for the general fund, to UAH 3.49 trillion.

The Ukrainian parliament approved the 2026 budget on December 3, with revenues of UAH 2.90 trillion and expenditures of UAH 4.82 trillion.