The Finance Ministry reduced the budget by 2019 due to the net profit of Naftogaz and the national Bank

2020-01-03 13:05:28
The Finance Ministry reduced the budget by 2019 due to the net profit of Naftogaz and the national Bank

According to preliminary results, the budget deficit in 2019 amounted to 72.4 billion, or 1.8% of GDP, but it was financed by loans and revenues chutki profits from state-owned enterprises and the NBU - reported in the Ministry of Finance.



compared To last year revenues in the General Fund budget increased by 5.5% to 879,8 billion, which amounted to 96.9% of the plan.


Income tax on profits of enterprises grew by 11.8% to 107.1 billion and exceeded the plan by 12.1%.

VAT on imported to Ukraine goods made 287,4 billion or 89.6% of the plan for strong national currency, low gas prices and slower-than-expected import growth, and also due to canceled Jan 2019 VAT when you import solar panels and wind turbines.

Excise tax totaled UAH 61.7 billion or 79.8 per cent of the plan for reduction of tobacco production.

the Rent for the use of subsoil and other resources was 46.3 billion, or 80,15 from the plan because of declining gas production, the customs value of imported gas and lower prices.

Proceeds from privatization amounted to only UAH 500 million.

  • So, personal income tax receipts rose by 19.9% to 110 billion and 3.6% higher than plan due to higher than expected growth rate of the average salary.

non-tax revenues exceeded the plan by 119,4%. In particular, the NBU transferred to 64.9 billion UAH 17.3 billion UAH more than the planned indicator. State-owned enterprises in the form of a part of profit and dividends transferred to the budget of 46.3 billion, or 103.9% of the plan, of which 8.5 billion amounted to UAH dividends Naftogaz.



In comparison with last year expenses increased as follows:


for benefits and housing subsidies – to 47,5 billion UAH,

to help families with children, low-income, disabled persons 3.2 billion to 55 billion UAH,

education – 23% to 130 billion UAH,

for the medicine – by 13.7% to 95,1 billion UAH,

with the development of roads and infrastructure – by 19.5% to 53.8 billion UAH,

to support agriculture – to 45 billion UAH,

on the "warm" loans – to 545,8 billion.

  • the national security and defense by 11.3% to 213,3 billion UAH,

in addition, 3 billion UAH are directed on repayment of arrears of wages of miners. Also 100% funded by social programs.

maintenance Costs budget was lower than planned, thanks to the strong hryvnia and effective management.



for the First time in 5 years fully implemented the plan of government borrowing.

For the servicing and repayment of debt and spent 119,2 345,2 billion, respectively. Domestic loans amounted to 341,2 billion, of which 222,6 billion UAH – in UAH in UAH equivalent - UAH 63.8 billion.

After the accession of Ukraine to the Clearstream dramatically increased the demand for government bonds from non-residents, which at the end of December increased their share in government bonds to 14.1%.

the national Debt at the end of the year amounted to UAH equivalent 764,2 1 billion UAH, in foreign currency – 74,5 billion $ and declined relative to GDP to 45%. While government guaranteed debt amounted to 6.6% of GDP. The share of public debt in the national currency increased from 33% to 41%.