Ukraine’s Economy Shows Growth Under Grant Support
In October 2023, Ukraine recorded a significant increase in revenues to the state budget, made possible by receiving 38 billion UAH in grant aid and increasing internal tax collections.
The Ministry of Finance of Ukraine reported that in October, revenues to the general fund of the state budget increased by 41.6% compared to the same period last year, reaching 181.8 billion UAH. This growth resulted from the activation of tax revenues and the attraction of grant aid, which was absent last year. Contributions in the form of taxes from the State Tax Service amounted to 75.8 billion UAH, including personal income tax and military levy, which brought in 31.7 billion UAH.
There is also a noticeable increase in value-added tax, reaching 24.1 billion UAH while maintaining the level of refunds. Excise tax contributed 10.8 billion UAH to the budget, and rent for the use of natural resources – 3.6 billion UAH. Payments from the State Customs Service amounted to 63 billion UAH.
Operational data indicate that total revenues to the state budget in October 2023 amounted to 251.7 billion UAH, significantly exceeding the indicators of October 2022 and September of this year. In particular, contributions to the pension and social insurance funds amounted to 51.8 billion UAH.
The National Bank of Ukraine also expressed concerns about the possible impact of energy issues on economic growth. It is expected that electricity shortages may slightly slow down positive trends. Despite this, the gradual development of the economy continues to recover.
