Cabinet proposes Rada cut total public spending to 43% from 53% of GDP - draft budget for

09:13, 12.12.2015 1 min read

The Cabinet of Ministers has proposed the Verkhovna Rada reduce total public spending from 53% of GDP in 2015 to 43% of GDP in 2016, reads a draft law on the national budget of Ukraine for 2016, posted on the website of the parliament.

Budget revenues are to be set at UAH 601 billion, which is 16% more than in 2015, spending at UAH 674 billion, which is also 16% more than in 2015.

It is proposed to reduce budget deficit from 4.1% of GDP in 2015 to 3.7% of GDP, which is UAH 84 billion.

Nominal GDP is to be set at UAH 2.262 trillion.