State budget of Ukraine: the main items of income and expenses

The state budget system is a combination of central, regional and local budgets. Through this mechanism, the formation of planned revenues and expenditures of the state, the control of execution and the analysis of deviations are carried out.

Formation of the state budget of Ukraine

The budget of Ukraine is the main financial document of the country, which represents the annual budget spending plan and a list of sources of their financial coverage (fund of state funds). The budget solves socio-economic problems that are not regulated by the model of interaction between the subjects of market relations.

Ukraine budget

The main purpose of the State Budget of Ukraine is the development of individual areas and sectors of the economy (the list of priority areas is determined by the government), support for the market mechanism. For example, in 2016, 60% of the country's budget was spent on the payment of social assistance and wages.

In Ukraine, the beginning of the fiscal year coincides with the calendar, falls on January 1. The year ends on December 31. Shortly before the beginning of the year, the Cabinet of Ministers of Ukraine forms a budget on the basis of the regulatory act “Law of Ukraine on Budget”, and the Verkhovna Rada analyzes and passes the bill.

Actual amendments to the law on the formation of the state budget of Ukraine

According to updated data, budget legislation can be registered and amended in connection with the following situations:

  • change in GDP (gross product) in relation to the predicted data;
  • overfulfilment of the state budget receipts for the first nine months;
  • the need to increase the volume of the reserve fund;
  • the need to transfer funds between general and special funds;
  • the excess of the projected expenditure on the repayment of the state fund;
  • accrual by a general or special fund of a new type of state budget income;
  • a reduction in the marginal amounts of funds provided for in the financial year to meet budgetary obligations for violating financial laws.

Any changes are made solely by the laws amending the law on the State Budget of Ukraine.

state budget of Ukraine

The state budget indicators are analyzed by the Ministry of Finance of Ukraine every month.

State budget for 2017

What is the budget of Ukraine for the current year? On December 21, 2016 at 4:43, the Verkhovna Rada of Ukraine, headed by Volodymyr Groysman (since April 14, 2016, he is Prime Minister of Ukraine) adopted the state budget for 2017. Voted for the adoption of the draft 274 deputies. By the way, the adoption of the 2017 state budget was one of the conditions for receiving the next tranche in January 2017 and continuing the work of the International Monetary Fund with the Government of Ukraine.

General budget figures for 2017

The size of revenues of the budget of Ukraine for 2017 is calculated in the amount of 721.4 billion hryvnia. At the same time, expenditures amount to 790.4 billion. Excess of planned expenditures over revenues amounts to 77.5 billion.

In the budget for 2017, macroeconomic indicators were approved, which foresee the growth of gross domestic product (GDP) by 3-4%. The planned unemployment rate will be 8.6%, inflation will remain at the level of 8.1%, the exchange rate - about 27.2 (hryvnia to dollar ratio), and the value of debt - 66.8%.

ukraine budget in dollars

Ukraine is on the 58th place in terms of the state budget of all countries of the world.The budget of Ukraine in dollars is: 27,800 million dollars - revenues, 30,870 million dollars - expenses.

Planned expenses for 2017

The budget includes social benefits, subsidies and subsidies, salaries to employees of state enterprises, scholarships and pensions. A monthly subsistence minimum per citizen was calculated and set: from January 1, 2017 its value is UAH 1544, from May 1, 2017 - UAH 1624. Since December, the living wage will be 1700 UAH.

A minimum monthly official salary from January 1 in the amount of 3200 UAH was also set for 2017. The minimum wage hourly from January 1, 2017 is 19.34 UAH / hour. In addition, for 2017, the budget allocates 28.3 billion for the payment of wage increases to state-run employees.

For 2017, the state has allocated 4 billion hryvnias for scholarships for full-time students of state education.

The Cabinet of Ministers plans to increase the amount of social assistance to pregnant women and women in labor by 170 UAH. For low-income families, social assistance will increase by 250 hryvnas for each child under the age of 13, and by 500 hryvnias from the age of 13 to 18.

The authorities have not forgotten about pensioners. Approximately 156 billion hryvnia was allocated to the Pension Fund (the coefficient of increase was about 7.3%).

The Verkhovna Rada has a budget of Ukraine amounting to more than a billion.Expenses include: the work of parliament in the media, the publication of the newspaper “Voice of Ukraine” and the magazine “Evening”, the production of memorials and awards, the restoration of cathedrals.

Ukrainian budget figure

Already in 2017, Ukravtodor will receive an additional (planned budget - 14.2 billion hryvnia) 15 billion hryvnia. Without skimping over, the government allocated 7.55 billion for the Ministry of Agrarian Policy (in 2016, the budget was only 1.489 billion).

Focus of the state budget on defense

The government allocated 130 billion (5% of GDP) for national security and defense. This amount is 13.8% more than in 2016. In 2017, the state allocated a 12% more to the Ministry of Internal Affairs of Ukraine (MIA) than in 2016. For the Ministry of Defense in 2017 will increase the budget by 15% (to 64.4 billion hryvnia).

About 6.5 billion will be allocated for weapons and equipment, about 52 billion for training troops and the provision of armed forces, and almost two billion for the treatment and rehabilitation of the military. The budget of intelligence of the Ministry of Defense of Ukraine was increased by 300 million. All these figures mean that Ukraine plans to continue military operations in the Donbass and, possibly, again to go on the offensive against the civilian population.

Ukraine's budget law

On the authorities in the fight against corruption, the authorities did not save,and increased funding for ANSI by 58% (about 773.5 million), the specialized anti-corruption prosecutor's office was allocated up to 105 million, and the anti-corruption agency was charged 605 million.

Tax deductions

In 2017, the budget also touched on changes in the Tax Code.

The Verkhovna Rada of Ukraine has introduced such changes:

  • reduction of oil extraction rent (production from deposits up to 5,000 m will decrease to 29% of the cost of the finished product, and more than 5,000 m - to 14%);
  • increase in excise taxes on alcohol (on alcoholic beverages 20%, wine - by 12%) and cigarettes (40%);
  • real estate tax is 3% of the minimum wage (for “extra” meters of living space, residents who have more than 60 square meters, you must pay tax).

Comparison of the state budget of 2017 with previous years

Although the state budget of Ukraine for 2017 is accompanied by the problems of the past years, significant improvements cannot fail to please the citizens.

what is the budget of Ukraine

Improvements touched, for example, such moments:

  1. Budget revenues will be held at 706.3 billion, which is 17% more than in 2016.
  2. GDP is growing, and inflation is falling. If in 2016 GDP was 1%, in 2017 GDP is 3%. Although the growth is insignificant, but still a positive dynamic is good news.
  3. The minimum wage level will be tripled (approximately 10%).
  4. In 2017, the authorities paid attention to agriculture and doubled subsidies.
  5. Compared to 2016, in 2017, the budget for national security and defense will increase by almost 13.8%.

Main negative indicators:

  1. Continue the devaluation of the hryvnia. If in 2016 there was a rate of 24.1-24.4 hryvnia for a dollar, then in 2017 the rate of 27 hryvnia 20 kopecks was laid - 27 hryvnia 70 kopecks for a dollar.
  2. Increase in public debt. Compared to 2016, debt will grow by approximately 14%.

Thus, the budget of Ukraine (revenue figure is 721.4 billion UAH., Expenses - 790.4 billion UAH.) For 2017 provides for positive changes.

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