Ukraine’s state budget deficit exceeded US$2.5 billion in March

Ukraine’s projected state budget deficit for the first quarter of 2024 is UAH 197 billion (approx. US$5 billion). In March, it was UAH 103 billion (US$2.6 billion).

Source: State Treasury Service of Ukraine, as reported by Forbes 

Details: At UAH 641.1 billion (US$16.3 billion), Q1 state budget revenues are up 22% on the same period in the previous year. This includes UAH 242.9 billion (US$6.2 billion) in March, which is 0.5% more than in March 2023.

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Q1 state budget spending totalled UAH 839.1 billion (US$21.4 billion), a 12% increase compared to the same period in 2023. March spending amounted to UAH 345.7 billion (US$8.8 billion), 15% more than in March 2023.

Background: 

• In the first quarter of this year, Ukraine’s own funds were insufficient to cover UAH 257.4 billion (approx. US$6.5 billion) of state budget spending.
• However, the tax and customs services contributed almost UAH 10 billion (US$255 million) more revenue to the state budget than anticipated.

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