Ukrainian state budget deficit widens nearly 50% in 2023

MOSCOW. Jan 9 (Interfax) - Ukraine's state budget deficit was UAH 1.33 trillion in 2023 according to preliminary data from the State Treasury, Ukrainian media reported, quoting the country's Finance Ministry.

This included a General Fund deficit of UAH 1.36 trillion - the General Fund receives taxes and levies from which the bulk of budget expenditure is financed.

Ukraine had a budget deficit of UAH 911.1 billion, including a General Fund deficit of UAH 909.5 billion, on 2022, so the budget deficit widened nearly 50% last year.

Budget revenue was UAH 2.67 trillion, of which UAH 1.66 trillion for the General Fund, in 2023. The revenue included UAH 425.4 billion of international assistance, UAH 400.5 billion of it from the United States.

Budget spending exceeded UAH 4 trillion, including UAH 3.03 trillion of General Fund spending.

The Finance Ministry said there was a record deficit of UAH 285 billion in December 2023, up from UAH 145.1 billion in November and UAH 98.4 billion in October. The General Fund deficit rose to UAH 274.4 billion in December from UAH 162.5 billion in November and UAH 87.7 billion in October.

Budget spending exceeded UAH 548.2 billion, setting a new record, in December, compared with UAH 337.9 billion in November and UAH 292.1 billion in October. General Fund spending rose to UAH 397.7 billion in December, from UAH 286.3 billion in November and UAH 228.1 billion in October.

General Fund spending inched up to UAH 127.1 billion in December from UAH 121.7 billion in November but was higher at UAH 139.4 billion in October. There was UAH 20.5 billion of international assistance from the United States in December, none in November and UAH 42 billion in October.

The parliament on October 6 approved a latest round of amendments to the 2023 state budget, mostly in order to boost pending on security and defense. Amended budget spending was UAH 3.393 trillion, of which UAH 3.095 trillion by the General Fund, and revenue was UAH 1.416 trillion, of which UAH 1.254 trillion for the General Fund. The deficit was capped at UAH 2.01 trillion, of which UAH 1.835 trillion for the General Fund.