The Cabinet of Ministers of Ukraine approved the report on the execution of the state budget for 2024, according to which the budget deficit amounted to 17.7% of the gross domestic product (GDP). This figure is lower than the planned 24.2% of GDP. For comparison, in 2023, the budget deficit reached 19.6% of GDP, according to information from the Ministry of Finance.
This is reported by Business • Media
The Verkhovna Rada noted that the total deficit in 2024 amounted to ₴1.36 trillion. The revenues of the state budget last year reached ₴3.12 trillion, which exceeds the previously approved figures by ₴1.212 trillion. Budget expenditures, in turn, amounted to ₴4.49 trillion, which is ₴473.5 billion, or 11.8%, more than in 2023.
Budget Funding Priorities
Funding for the security and defense sector remains the government’s main priority: expenditures for these needs amounted to ₴2.97 trillion, which is 38.9% of GDP, and is 12.4% higher compared to last year. Additionally, funding for social expenditures in 2024 increased by 8.4% compared to 2023, reaching ₴579.2 billion.
Forecasts for 2025
It is worth noting that according to the updated program with the International Monetary Fund (IMF), the budget deficit of Ukraine in 2025 is projected to be at 18.8% of GDP. If grants are excluded, this figure may rise to 19.6% of GDP.