In the first quarter of 2016 revenues of the consolidated budget increased by 16.5%. The expenditures of the consolidated budget in the first quarter were traditionally low. In the result, the consolidated budget was implemented with the surplus of 3.9 billion UAH.
More details on the implementation of the consolidated budget of Ukraine in first quarter of 2016 are included in our traditional report "Budget Chronicles: 1st quarter, 2016".
In 2015 general budget revenues increased 40.8% y/y up, general budget spending increased 29.9% y/y.The resulting rate of the consolidated budget deficit reached 1.6% of GDP.
In fourth quarter 2015 general budget revenues increased 50.0% y/y up, general budget spending increased 55.0% y/y.The resulting rate of the consolidated budget deficit reached 1.6% of GDP.
When we hear "public funds" or "public revenue", it seems that the state possesses its own resources that it may spend. The vast majority of Ukrainian citizens believe that the state should exploit its "own funds" to support domestic producers or entire industries, create jobs, provide subsidies and public transfers - basically, "develop the economy". However, the notion of the state's "own funds" is literally nonexistent. Then what can we attribute to the state's own money?
Where does the government take money for "benefits and support"? Is there a dark side of natural gas subsidies, loans and fight against unemployment that we should know about? Our latest report gives answers to these and many other questions.
The 2016 state budget adopted at night on December 25th had been a difficult decision. Basically, it’s not only the budget itself that was under adoption, but the wide package of comprehensive reforms to fiscal and budget legislation, which in turn regards each Ukrainian citizen. Although the majority of reforms proposed by the Government were not supported, the first necessary steps are made.
In third quarter 2015 general budget revenues increased 55.4% y/y up, general budget spending increased 23.4% y/y.Total amount of budget surplus for the period of 9 months amounted to UAH 32.5 billion
The cost of the state is decreasing… but not for everyone. We have analyzed the latest changes of the compromise version of the tax reform from the Ministry of Finance of Ukraine.Ministry of Finance of Ukraine
In second quarter 2015 general budget revenues increased 41.0% y/y up, general budget spending increased 20.1% y/y. As a result, general budget surplus shrunk to UAH 12.3 billion by the end of June.
Suddenly, Ukraine’s fiscal condition improved significantly in the first quarter of 2015. Budget revenue increased by 25.0 percent year over year, and budget surplus reached 3.9 percent of GDP.
In 2014, Ukraine faced significant budgetary challenges. Revolution followed by the occupation of the part of the Ukraine’s territory, on the one hand, rose public spending due to Hryvnia depreciation and military expenditure and, on the other hand, negatively affected public revenue due to the economic crisis. As a result, the national debt reached a critical level. What does all of this mean for an ordinary citizen? This report provides the answer to this question.