Ukraine passes 2014 budget with deficit of 4.3% of GDP

15:26, 17.01.2014 1 min read

Ukraine's parliament has passed the 2014 state budget with a deficit of 4.3% of GDP, the Finance Ministry said.

The government-approved deficit was raised by UAH 12 billion to UAH 71.6 billion.

Budget revenue was revised up slightly, from UAH 392.4 billion to UAH 392.6 billion, however expenditure and loans grew UAH 15 billion to UAH 471.3 billion (UAH7.993/$1 on January 17).

A revenue shortfall forced the parliament to amend the 2013 budget on December 19, reducing revenue by UAH 19.4 billion to UAH 370.56 billion. The deficit was raised by the same amount to UAH 69.98 billion. The revenue cut was offset by raising $3 billion in funding from Russia.

There is not yet any official data for the 2013 budget results. The deficit was UAH 46.5 billion in January-November, or 12.8% more than in the same period of 2012.