Ukraine's 2024 state budget deficit reaches 17.7% of GDP – Ministry of Finance

Ukraine's Cabinet of Ministers has approved the final report on the execution of the 2024 state budget, with a reported deficit of 17.7% of GDP – well below the planned 24.2% and lower than the 19.6% recorded in 2023, the Ministry of Finance announced on its website on Tuesday.

"State budget revenues in 2024 totaled UAH 3.12 trillion, exceeding the amended figures approved by the Verkhovna Rada by UAH 1.212 trillion. Expenditures amounted to UAH 4.49 trillion, which is UAH 473.5 billion, or 11.8%, more than in 2023," the Ministry stated, without specifying the absolute deficit figure.

According to MP Oleksiy Honcharenko, the deficit stood at UAH 1.36 trillion, with loan repayments totaling UAH 12.5 billion and new loans issued at UAH 7 billion.

The Finance Ministry reported that UAH 473.9 billion of total revenues came from grants provided by international partners – up from UAH 433.9 billion in 2023 – while overall state budget revenues for 2023 reached UAH 2.67 trillion. This represents a 16.9% year-on-year increase in revenues amid 12% inflation.

The Ministry emphasized that defense and security remain the government's top priority, with UAH 2.97 trillion allocated to the sector – 38.9% of GDP – an increase of UAH 326.9 billion, or 12.4%, compared to 2023.

Social spending also rose last year, increasing by UAH 45.1 billion, or 8.4%, to UAH 579.2 billion.

Capital expenditures related to addressing the consequences of armed aggression, construction and fortification works, and infrastructure restoration rose by UAH 97.1 billion, or 46.5%, to UAH 306 billion.

The Ministry also reminded that in 2024, Ukraine carried out a restructuring of its sovereign Eurobonds. The domestic market attracted UAH 638.4 billion through government bond placements, while the external market brought in UAH 1.9 trillion.

As reported, the 2025 state budget is set with revenues of UAH 2.33 trillion and expenditures of UAH 3.93 trillion. According to the updated IMF program, the deficit is projected at 18.8% of GDP – or 19.6% excluding grants.