Ukraine’s State Budget Deficit in 2024 Reached 17.7% of GDP, Lower than Planned

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 GDP, which is lower than the planned 24.2% of GDP. For comparison, in 2023, the deficit reached 19.6% of GDP, reported the Ministry of Finance.

This is reported by AgroReview

According to the Verkhovna Rada, the deficit for the past year amounted to ₴1.36 trillion. The state budget revenues in 2024 were ₴3.12 trillion, which exceeds the indicators approved by parliament by ₴1.212 trillion. Total budget expenditures amounted to ₴4.49 trillion, which is ₴473.5 billion or 11.8% more compared to 2023.

Funding Priorities

Funding for the security and defense sector remains an unwavering priority for the government. Expenditures in these areas amounted to ₴2.97 trillion, which corresponds to 38.9% of GDP, and increased by 12.4% compared to 2023. At the same time, funding for social expenditures in 2024 increased by 8.4% to ₴579.2 billion.

Forecasts for 2025

According to the updated cooperation program with the International Monetary Fund, the state budget deficit of Ukraine in 2025 is projected to be at 18.8% of GDP, and excluding grants – 19.6% of GDP.