Spending plan 2024 approved with 20.6% GDP deficit

UKRAINE - In Brief 10 Nov 2023 by Dmytro Boyarchuk
On November 9th, the Verkhovna Rada approved the 2024 spending plan, which saw only modest changes from the initial budget proposed in September. The central budget's revenues are set at UAH 1.77 trillion, with expenditures at UAH 3.36 trillion, leading to a deficit of UAH 1.57 trillion, or 20.6% of GDP. The primary adjustment since September is a downward revision of the nominal GDP to UAH 7.6 trillion from the previously estimated UAH 7.8 trillion, reflecting a lower inflation forecast of 9.7% YTD for 2024, down from the earlier projection of 10.8% YTD. Real GDP growth projections have also been reduced to 4.6% y/y from the previous 5.0%. Additionally, the exchange rate forecast has been slightly adjusted to 40.7 hryvnias per dollar (year average), compared to the previously suggested 41.4. The Ministry of Finance also noted that external funding requirements have been decreased by $1.9 billion, now totaling $41 billion, down from the previously discussed $42.8 billion.

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