President of Ukraine, Volodymyr Zelenskyy, has signed the 2024 State Budget with revenues of UAH 1.768 trillion and expenditures of UAH 3.35 trillion. The budget projects GDP growth of 4.6% and inflation at 9.7%, as reported by "Ukraine Communal."
Key Figures of the 2024 State Budget:
- UAH 1.6926 trillion – Defense and Security Sector (22.1% of GDP).
- The budget includes increased funding for developing the defense-industrial complex, including UAH 51 billion for weapon production and UAH 43.3 billion for maritime drones and UAVs.
- UAH 469.4 billion – Social protection for citizens.
- UAH 14.3 billion – Support for war veterans.
- UAH 203.4 billion – Healthcare.
- UAH 179.1 billion – Education.
- UAH 10.2 billion – Culture and media space.
- UAH 7.6 billion – Sports.
- UAH 2.5 billion – Digital transformation.
- UAH 13.6 billion – Science.
- UAH 30.9 billion – Business support.
The state budget deficit amounts to UAH 1.5715 trillion.
Updated Macroeconomic Forecasts for 2024:
- Nominal GDP: UAH 7.643 trillion.
- Real GDP growth: 4.6%.
- Consumer Price Index (December-to-December): 9.7%.
- Export growth: 9.0%.
- Average monthly salary: UAH 21,809.
- Average exchange rate: UAH 40.7/USD.
Highlights from the Revised Budget:
- Personal income tax (PIT) from military personnel salaries will go to the state budget's special fund instead of local budgets, with targeted use for purchasing specialized equipment and developing the defense-industrial complex (UAH 96.3 billion).
- Taxes and fees currently allocated to the Road Fund, such as excise taxes and import duties on vehicles and fuel, will now go to the general state budget fund (approximately UAH 95 billion).
The share of profits transferred to the state budget by the National Bank remains unchanged at UAH 17.7 billion.
External funding of USD 41 billion is required for non-defense expenditures.
This amount was reduced by USD 1.9 billion after negotiations with the IMF, thanks to revised revenue forecasts and rebalancing.
Key international partners for funding include the United States, the European Union, the International Monetary Fund, the World Bank, Japan, and other donors.
State borrowings are planned at UAH 2.132 trillion, including UAH 525.9 billion in domestic borrowings.
State debt repayment is set at UAH 627 billion, with debt servicing costs of UAH 420 billion.
