Ukrainian Budget Chronicles: The first quarter of 2014

In the first quarter the National Bank of Ukraine had to assist in achieving allotted state budget revenues. In order to do so, it transferred its projected income as an upfront payment into the state budget. Budget revenues for the first quarter of 2014 stood at 112.2 billion UAH, which is 5% higher than at the same time last year. Overpayment of taxes and delay in VAT refunds, which were previously notable offenders the sphere of public finance, became increasingly overshadowed as significant actors in the budgetary process of Ukraine.

However, a number of significant risk factors will continue to plague the sphere of Ukrainian public finance for the remainder of 2014, not least of which will be the deterioration of the terms of trade in the country, a decrease in industrial output, and an ever-unstable political climate after the Maidan protests.

Read in detail about the consolidated budget of Ukraine in the first quarter at “Budget Chronicle: 1st Quarter of 2014” (in Ukrainian).