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Surplus of Ukraine's national budget reaches UAH 2.8 bln in Jan-Oct - NBU

Surplus of Ukraine's national budget reaches UAH 2.8 bln in Jan-Oct - NBUThe surplus of Ukraine's national budget in January- October 2015 reached UAH 2.8 billion, while its deficit from a year ago was UAH 53.8 billion, the National Bank of Ukraine (NBU) said in a macroeconomic and monetary review published on November 30.

The central bank said that in October 2015 the deficit of the national budget was UAH 6 billion compared to the surplus of UAH 1.1 billion in September, mainly due to the expected increase in expenses compared to the previous months.

The NBU said that October expenses grew by 11.1% from the previous month mainly due to social payments and defense. In the annual terms the pace of growth in expenses fell to 16.7%, while in January-October 2015 the figure was 23.9%.

Last year's expenses were higher due to financing of the parliamentary election and servicing of debts. The expense target for January-October 2015 was fulfilled by 72.6% compared to the average figure for the past four years – 76.2%.

The regulator said that in October revenue of the national budget slowed to 50.7% (47.7% in January-October) due to the decline in other revenue by 38.8% compared to growth of 16.9% in September.

In October, tax and non-tax revenue growth accelerated by 2.7 times, to 35.4%. Tax revenue grew thanks to the improvement of economic activity indicators, the increase in the price of electricity in September an the fall in VAT refunding in October, while non-tax revenue were higher due to the low comparison base. Growth of revenue from VAT and excise duty accelerated to 10.5% and 37.6% respectively, while the decline in revenue from profit tax slowed to 9.5%.

Non-tax revenue in October again grew thanks to sending a part of profit by the NBU to the budget, while it considerably fell compared to September, to UAH 5 billion.

Ending stocks on treasury accounts fell by 7.4% compared to September, being UAH 43.6 billion.

Net borrowing in October was UAH 2.9 billion. Funds from Germany's KfW and funds from the issue of government domestic loan bonds to issue the loan to the Individuals' Deposit Guarantee Fund totaled UAH 2 billion.
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