SlideShare a Scribd company logo






2
3




5
•
•
6




8



9




10


11
•
•
12
•
•
•
13
16

•


•



Central fiscal revenues increased in the first four months of the year primarily due to following factors:
 Transfer of the NBU profit to the central budget at UAH 47.6 bn.
 Average wage growth (by 22.1% yoy in the first quarter);
 Improved financial situation of companies;
 Increase in natural gas extraction and effect of statistical base, which positively impacted revenues from rent payments on use of subsoil.
The reason of under-execution of revenues include: lower net VAT revenues (e.g. due to VAT exemptions on imports of solar batteries since Jan.1, 2019), stronger hryvnia,
lower than expected imports (e.g. of natural gas), reduction in tobacco production (by 13.3% yoy in the first quarter of 2019), approval of the share of distribution of net
profits and dividends of SOEs only on April 26 (as a result, respective payments will be made only in the second quarter).
VAT refunds was conducted automatically and equaled to UAH 57.2 bn (increased by 31.2% yoy).
Source: State Treasury, data for 2019 as of May 2 2019
162,6 171,9 259,8 272,8 322,6
114,8%
108,4%
119,5%
98,8% 95,7%
2015 2016 2017 2018 2019
Actual, UAH bn % of target
26,9
30,0
33,9
86,4
22,0
6,9
9,0
15,0
33,0
30,7
24,4
90,3
18,5
7,0
14,8
47,6
100,8%
131,1%
105,3%
94,9%
79,2%
90,4%
69,9%
100,0%
106,4%
110,7%
76,1%
88,1%
74,7%
94,4% 93,4%
100,0%
PIT EPT Net
domestic
VAT
VAT on
imorts
Excise tax Import
duties
Rent
payments
Transfer of
NBU
profits
2019, actual revenues, UAH bn 2018, actual revenues, UAH bn
2018, % of target 2019, % of target
 Central fiscal expenditure in the first four months of the year were financed according to the plan on the basis of opened payment requests.
The largest allocations were made for wages and payroll, social protection, defense and security, debt servicing, and transfers to local
budgets.
 Key reason for under-execution of expenditures include: lower than planned need in social spending, savings on debt servicing due to
stronger hryvnia, delays in the preparation and approval of required documents by key spending units.
Source: State Treasury, data for 2019 as of May 2 2019 * According to the CMU resolution “On the provision of housing and utility subsidies to population in monetary form”
(No.1176 from Dec. 27, 2018), the monetization of subsidies was introduced in January 1, 2019. As a result, budget
allocations for this purpose are now conducted through the budget program “Payment of housing and utility subsidies
and privileges to population in cash” (instead of transfer to local budgets).
48,6 53,8 40,0 35,2 112,360,6 72,8 51,7 39,0 86,6
Wages and payroll Social protection Defense and
security
State debt
servicing
Transfers to local
budgets*
2018 2019
160,2 200,6 254,5 303,2 314,2146,3 185,1 228,0 275,5 294,5
91,3% 92,3% 89,6% 90,9% 93,7%
2015 2016 2017 2018 2019
Target with amendments Actual % of target
UAH bn UAH bn
11,9 13,7
26,2
1,70
10
20
30
40
50
60
70
80
90
Jan Jan-Feb Jan-Mar Jan-Apr





Source: State Treasury, data for 2019 as of May 2 2019
•
•
•
•
20
4,7%
43,9%46,8%
3,5%
1,1%
Нерезиденти
NBU
Banks
Companies
Individuals
21
Total PFU expenditures
22
March April June July August September October November December
March April August September October November December
March April June July August September October November December
Index of industrial production
March April June July August September October November December
Index of agricultural production
March April June July August September October November December
March April June July August September October November December
March April June July August September October November December
March April June July August September October November December
March April June July August September October November December
March April June July August September October November December
KEY CONSOLIDATED BUDGET INDICATORS
IN 2015-2019, UAH m
Surplus




•
•
IMF 4-year Extended Fund Facility (EFF) program (2015-2019): c.USD 8.5 bn received (as of October 2018). The EFF
program replaced with a new 14-month Stand-By Program
New Stand-By Arrangement (139% of quota) with total program size amounting to the equivalent of с.US$ 3.9bn
approved by the IMF Board of Directors in December 2018 (first tranche of c.US$ 1.4bn disbursed immediately)
Macroeconomic outlook mfu_may_2019_en

More Related Content

What's hot

Prospects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next DecadeProspects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next Decade
Congressional Budget Office
 
CBO’s Recent Budget and Economic Projections
CBO’s Recent Budget and Economic ProjectionsCBO’s Recent Budget and Economic Projections
CBO’s Recent Budget and Economic Projections
Congressional Budget Office
 
Alternatives for Making Federal Highway Spending More Productive
Alternatives for Making Federal Highway Spending More ProductiveAlternatives for Making Federal Highway Spending More Productive
Alternatives for Making Federal Highway Spending More Productive
Congressional Budget Office
 
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...
Governor Olli Rehn: Recovery continues, overshadowed  by COVID – monetary pol...Governor Olli Rehn: Recovery continues, overshadowed  by COVID – monetary pol...
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...
Suomen Pankki
 
Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Projected Costs of U.S. Nuclear Forces, 2015 to 2024Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Congressional Budget Office
 
Communicating Budgetary and Economic Information With Style at CBO
Communicating Budgetary and Economic Information With Style at CBOCommunicating Budgetary and Economic Information With Style at CBO
Communicating Budgetary and Economic Information With Style at CBO
Congressional Budget Office
 
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
Congressional Budget Office
 
Architecture of fiscal reporting - Mario Monteiro, Portugal
Architecture of fiscal reporting - Mario Monteiro, PortugalArchitecture of fiscal reporting - Mario Monteiro, Portugal
Architecture of fiscal reporting - Mario Monteiro, Portugal
OECD Governance
 
CBO’s Contributions to Fiscal Transparency
CBO’s Contributions to Fiscal TransparencyCBO’s Contributions to Fiscal Transparency
CBO’s Contributions to Fiscal Transparency
Congressional Budget Office
 
Угода з МВФ
Угода з МВФУгода з МВФ
Угода з МВФ
BabelNews
 
2020 el stability programme
2020 el stability programme2020 el stability programme
2020 el stability programme
Panayotis Sofianopoulos
 
Roundtable - Stavroula Miliakou, Greece
Roundtable - Stavroula Miliakou, GreeceRoundtable - Stavroula Miliakou, Greece
Roundtable - Stavroula Miliakou, Greece
OECD Governance
 
Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget Deficit
Advisors4Advisors
 
How the Congressional Budget Office Uses Demographic Data
How the Congressional Budget Office Uses Demographic DataHow the Congressional Budget Office Uses Demographic Data
How the Congressional Budget Office Uses Demographic Data
Congressional Budget Office
 
The 2016 Budget Outlook
The 2016 Budget OutlookThe 2016 Budget Outlook
The 2016 Budget Outlook
Congressional Budget Office
 
Understanding the 2016 Budget Outlook
Understanding the 2016 Budget OutlookUnderstanding the 2016 Budget Outlook
Understanding the 2016 Budget Outlook
Congressional Budget Office
 
Gdp
GdpGdp
An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029
Congressional Budget Office
 
IMF World economic outlook: The great lockdown (april 2020)
IMF World economic outlook: The great lockdown (april 2020)IMF World economic outlook: The great lockdown (april 2020)
IMF World economic outlook: The great lockdown (april 2020)
TatianaApostolovich
 

What's hot (19)

Prospects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next DecadeProspects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next Decade
 
CBO’s Recent Budget and Economic Projections
CBO’s Recent Budget and Economic ProjectionsCBO’s Recent Budget and Economic Projections
CBO’s Recent Budget and Economic Projections
 
Alternatives for Making Federal Highway Spending More Productive
Alternatives for Making Federal Highway Spending More ProductiveAlternatives for Making Federal Highway Spending More Productive
Alternatives for Making Federal Highway Spending More Productive
 
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...
Governor Olli Rehn: Recovery continues, overshadowed  by COVID – monetary pol...Governor Olli Rehn: Recovery continues, overshadowed  by COVID – monetary pol...
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...
 
Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Projected Costs of U.S. Nuclear Forces, 2015 to 2024Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Projected Costs of U.S. Nuclear Forces, 2015 to 2024
 
Communicating Budgetary and Economic Information With Style at CBO
Communicating Budgetary and Economic Information With Style at CBOCommunicating Budgetary and Economic Information With Style at CBO
Communicating Budgetary and Economic Information With Style at CBO
 
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
Estimating the Revenue Effects of Proposals to Increase Funding for Tax Enfor...
 
Architecture of fiscal reporting - Mario Monteiro, Portugal
Architecture of fiscal reporting - Mario Monteiro, PortugalArchitecture of fiscal reporting - Mario Monteiro, Portugal
Architecture of fiscal reporting - Mario Monteiro, Portugal
 
CBO’s Contributions to Fiscal Transparency
CBO’s Contributions to Fiscal TransparencyCBO’s Contributions to Fiscal Transparency
CBO’s Contributions to Fiscal Transparency
 
Угода з МВФ
Угода з МВФУгода з МВФ
Угода з МВФ
 
2020 el stability programme
2020 el stability programme2020 el stability programme
2020 el stability programme
 
Roundtable - Stavroula Miliakou, Greece
Roundtable - Stavroula Miliakou, GreeceRoundtable - Stavroula Miliakou, Greece
Roundtable - Stavroula Miliakou, Greece
 
Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget Deficit
 
How the Congressional Budget Office Uses Demographic Data
How the Congressional Budget Office Uses Demographic DataHow the Congressional Budget Office Uses Demographic Data
How the Congressional Budget Office Uses Demographic Data
 
The 2016 Budget Outlook
The 2016 Budget OutlookThe 2016 Budget Outlook
The 2016 Budget Outlook
 
Understanding the 2016 Budget Outlook
Understanding the 2016 Budget OutlookUnderstanding the 2016 Budget Outlook
Understanding the 2016 Budget Outlook
 
Gdp
GdpGdp
Gdp
 
An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029
 
IMF World economic outlook: The great lockdown (april 2020)
IMF World economic outlook: The great lockdown (april 2020)IMF World economic outlook: The great lockdown (april 2020)
IMF World economic outlook: The great lockdown (april 2020)
 

Similar to Macroeconomic outlook mfu_may_2019_en

Macroeconomic forecast and monetary policy update
Macroeconomic forecast and monetary policy updateMacroeconomic forecast and monetary policy update
Macroeconomic forecast and monetary policy update
Ruslan Sivoplyas
 
Ukraine Monthly Economic Review, September 2017
Ukraine Monthly Economic Review, September 2017 Ukraine Monthly Economic Review, September 2017
Ukraine Monthly Economic Review, September 2017
DIXI Group
 
Macroeconomic Developments Report. June 2019
Macroeconomic Developments Report. June 2019Macroeconomic Developments Report. June 2019
Macroeconomic Developments Report. June 2019
Latvijas Banka
 
VietinBank IR Presentation 2Q2019
VietinBank IR Presentation 2Q2019VietinBank IR Presentation 2Q2019
VietinBank IR Presentation 2Q2019
ngothithungan1
 
VietinBank IR Presentation_Reviewed 1H2019
VietinBank IR Presentation_Reviewed 1H2019VietinBank IR Presentation_Reviewed 1H2019
VietinBank IR Presentation_Reviewed 1H2019
ngothithungan1
 
2. slide en q2.2019 soat xet out
2. slide en q2.2019 soat xet out2. slide en q2.2019 soat xet out
2. slide en q2.2019 soat xet out
ngothithungan1
 
Documento programmatico di bilancio
Documento programmatico di bilancioDocumento programmatico di bilancio
Documento programmatico di bilancio
Carlo Rossi
 
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdfNewsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
Kweku Zurek
 
Prévisions économiques du printemps 2019 pour le Luxembourg
Prévisions économiques du printemps 2019 pour le LuxembourgPrévisions économiques du printemps 2019 pour le Luxembourg
Prévisions économiques du printemps 2019 pour le Luxembourg
Paperjam_redaction
 
Economy at a glance September 2018 Circulo de Empresarios
Economy at a glance September 2018 Circulo de EmpresariosEconomy at a glance September 2018 Circulo de Empresarios
Economy at a glance September 2018 Circulo de Empresarios
Círculo de Empresarios
 
Latvijas Banka Monthly Newsletter 9/2016
Latvijas Banka Monthly Newsletter 9/2016Latvijas Banka Monthly Newsletter 9/2016
Latvijas Banka Monthly Newsletter 9/2016
Latvijas Banka
 
Perfomance of the Economy Report for July,2017
Perfomance of the Economy Report for July,2017Perfomance of the Economy Report for July,2017
Perfomance of the Economy Report for July,2017
June A. Clare Nyakahuma
 
OTP Bank_Flash report 20170707_hu_deficit
OTP Bank_Flash report 20170707_hu_deficitOTP Bank_Flash report 20170707_hu_deficit
OTP Bank_Flash report 20170707_hu_deficit
OTP Bank Ltd.
 
Monitoring of power decentralisation - 15.08.2017 en
Monitoring of power decentralisation  - 15.08.2017 enMonitoring of power decentralisation  - 15.08.2017 en
Monitoring of power decentralisation - 15.08.2017 en
Oleksandr Virnyk
 
Economy... at a glance March 2021
Economy... at a glance March 2021Economy... at a glance March 2021
Economy... at a glance March 2021
Círculo de Empresarios
 
Asi estát he economy july 2017 Circulo de Empresarios
Asi estát he economy july 2017 Circulo de EmpresariosAsi estát he economy july 2017 Circulo de Empresarios
Asi estát he economy july 2017 Circulo de Empresarios
Círculo de Empresarios
 
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
Md. Mamun Hasan Biddut
 
IRJET - India Economy in the Beginning of 21th Century
IRJET -  	  India Economy in the Beginning of 21th CenturyIRJET -  	  India Economy in the Beginning of 21th Century
IRJET - India Economy in the Beginning of 21th Century
IRJET Journal
 
Union Budget Detailed Analysis
Union Budget Detailed AnalysisUnion Budget Detailed Analysis
Union Budget Detailed Analysis
aakash malhotra
 
VietinBank IR Presentation 3Q2019
VietinBank IR Presentation 3Q2019VietinBank IR Presentation 3Q2019
VietinBank IR Presentation 3Q2019
ngothithungan1
 

Similar to Macroeconomic outlook mfu_may_2019_en (20)

Macroeconomic forecast and monetary policy update
Macroeconomic forecast and monetary policy updateMacroeconomic forecast and monetary policy update
Macroeconomic forecast and monetary policy update
 
Ukraine Monthly Economic Review, September 2017
Ukraine Monthly Economic Review, September 2017 Ukraine Monthly Economic Review, September 2017
Ukraine Monthly Economic Review, September 2017
 
Macroeconomic Developments Report. June 2019
Macroeconomic Developments Report. June 2019Macroeconomic Developments Report. June 2019
Macroeconomic Developments Report. June 2019
 
VietinBank IR Presentation 2Q2019
VietinBank IR Presentation 2Q2019VietinBank IR Presentation 2Q2019
VietinBank IR Presentation 2Q2019
 
VietinBank IR Presentation_Reviewed 1H2019
VietinBank IR Presentation_Reviewed 1H2019VietinBank IR Presentation_Reviewed 1H2019
VietinBank IR Presentation_Reviewed 1H2019
 
2. slide en q2.2019 soat xet out
2. slide en q2.2019 soat xet out2. slide en q2.2019 soat xet out
2. slide en q2.2019 soat xet out
 
Documento programmatico di bilancio
Documento programmatico di bilancioDocumento programmatico di bilancio
Documento programmatico di bilancio
 
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdfNewsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
Newsletter_quarterly_GDP_2023__Q1_June__2023_Edition.pdf
 
Prévisions économiques du printemps 2019 pour le Luxembourg
Prévisions économiques du printemps 2019 pour le LuxembourgPrévisions économiques du printemps 2019 pour le Luxembourg
Prévisions économiques du printemps 2019 pour le Luxembourg
 
Economy at a glance September 2018 Circulo de Empresarios
Economy at a glance September 2018 Circulo de EmpresariosEconomy at a glance September 2018 Circulo de Empresarios
Economy at a glance September 2018 Circulo de Empresarios
 
Latvijas Banka Monthly Newsletter 9/2016
Latvijas Banka Monthly Newsletter 9/2016Latvijas Banka Monthly Newsletter 9/2016
Latvijas Banka Monthly Newsletter 9/2016
 
Perfomance of the Economy Report for July,2017
Perfomance of the Economy Report for July,2017Perfomance of the Economy Report for July,2017
Perfomance of the Economy Report for July,2017
 
OTP Bank_Flash report 20170707_hu_deficit
OTP Bank_Flash report 20170707_hu_deficitOTP Bank_Flash report 20170707_hu_deficit
OTP Bank_Flash report 20170707_hu_deficit
 
Monitoring of power decentralisation - 15.08.2017 en
Monitoring of power decentralisation  - 15.08.2017 enMonitoring of power decentralisation  - 15.08.2017 en
Monitoring of power decentralisation - 15.08.2017 en
 
Economy... at a glance March 2021
Economy... at a glance March 2021Economy... at a glance March 2021
Economy... at a glance March 2021
 
Asi estát he economy july 2017 Circulo de Empresarios
Asi estát he economy july 2017 Circulo de EmpresariosAsi estát he economy july 2017 Circulo de Empresarios
Asi estát he economy july 2017 Circulo de Empresarios
 
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
Provisional estimates of GDP for fy 2018 19 and final estimates of GDP for fy...
 
IRJET - India Economy in the Beginning of 21th Century
IRJET -  	  India Economy in the Beginning of 21th CenturyIRJET -  	  India Economy in the Beginning of 21th Century
IRJET - India Economy in the Beginning of 21th Century
 
Union Budget Detailed Analysis
Union Budget Detailed AnalysisUnion Budget Detailed Analysis
Union Budget Detailed Analysis
 
VietinBank IR Presentation 3Q2019
VietinBank IR Presentation 3Q2019VietinBank IR Presentation 3Q2019
VietinBank IR Presentation 3Q2019
 

More from Ministry of Finance of Ukraine

Ukraine data release calendar August 2019 -
Ukraine data release calendar August 2019 -Ukraine data release calendar August 2019 -
Ukraine data release calendar August 2019 -
Ministry of Finance of Ukraine
 
Credit ratings dynamics
Credit ratings dynamicsCredit ratings dynamics
Credit ratings dynamics
Ministry of Finance of Ukraine
 
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
Ministry of Finance of Ukraine
 
How to access ukrainian market August 2019
How to access ukrainian market   August 2019How to access ukrainian market   August 2019
How to access ukrainian market August 2019
Ministry of Finance of Ukraine
 
Ukraine data release calendar August 2019
Ukraine data release calendar August 2019 Ukraine data release calendar August 2019
Ukraine data release calendar August 2019
Ministry of Finance of Ukraine
 
01.08.2019 english
01.08.2019   english01.08.2019   english
01.08.2019 english
Ministry of Finance of Ukraine
 
01.08.2019
01.08.201901.08.2019
01.08.2019
01.08.201901.08.2019
Outstanding Eurobonds 21.06.19
Outstanding Eurobonds 21.06.19Outstanding Eurobonds 21.06.19
Outstanding Eurobonds 21.06.19
Ministry of Finance of Ukraine
 
Outsanding domestic bonds 21.06.19 ukr
Outsanding domestic bonds 21.06.19 ukrOutsanding domestic bonds 21.06.19 ukr
Outsanding domestic bonds 21.06.19 ukr
Ministry of Finance of Ukraine
 
Posibnyk qe 2019
Posibnyk qe 2019Posibnyk qe 2019
Ukraine startup fund
Ukraine startup fundUkraine startup fund
Ukraine startup fund
Ministry of Finance of Ukraine
 
Mtds presentation vf eng 26062019 (5)
Mtds presentation vf eng 26062019 (5)Mtds presentation vf eng 26062019 (5)
Mtds presentation vf eng 26062019 (5)
Ministry of Finance of Ukraine
 
02.07.2019 English
02.07.2019   English02.07.2019   English
02.07.2019 English
Ministry of Finance of Ukraine
 
01.07.2019
01.07.201901.07.2019
Ukraine data release calendar July 2019
Ukraine data release calendar  July 2019Ukraine data release calendar  July 2019
Ukraine data release calendar July 2019
Ministry of Finance of Ukraine
 
Mtds presentation vf
Mtds presentation vfMtds presentation vf
Mtds presentation vf
Ministry of Finance of Ukraine
 
03.06.2019 english
03.06.2019   english03.06.2019   english
03.06.2019 english
Ministry of Finance of Ukraine
 

More from Ministry of Finance of Ukraine (20)

Ukraine data release calendar August 2019 -
Ukraine data release calendar August 2019 -Ukraine data release calendar August 2019 -
Ukraine data release calendar August 2019 -
 
Credit ratings dynamics
Credit ratings dynamicsCredit ratings dynamics
Credit ratings dynamics
 
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
Dynamic of Ukraine's sovereign credit ratitgs as of 2004 August 2019
 
How to access ukrainian market August 2019
How to access ukrainian market   August 2019How to access ukrainian market   August 2019
How to access ukrainian market August 2019
 
Ukraine data release calendar August 2019
Ukraine data release calendar August 2019 Ukraine data release calendar August 2019
Ukraine data release calendar August 2019
 
01.08.2019 english
01.08.2019   english01.08.2019   english
01.08.2019 english
 
01.08.2019
01.08.201901.08.2019
01.08.2019
 
01.08.2019
01.08.201901.08.2019
01.08.2019
 
Info sspd
Info sspdInfo sspd
Info sspd
 
Outstanding Eurobonds 21.06.19
Outstanding Eurobonds 21.06.19Outstanding Eurobonds 21.06.19
Outstanding Eurobonds 21.06.19
 
Outsanding domestic bonds 21.06.19 ukr
Outsanding domestic bonds 21.06.19 ukrOutsanding domestic bonds 21.06.19 ukr
Outsanding domestic bonds 21.06.19 ukr
 
Posibnyk qe 2019
Posibnyk qe 2019Posibnyk qe 2019
Posibnyk qe 2019
 
Ukraine startup fund
Ukraine startup fundUkraine startup fund
Ukraine startup fund
 
It
ItIt
It
 
Mtds presentation vf eng 26062019 (5)
Mtds presentation vf eng 26062019 (5)Mtds presentation vf eng 26062019 (5)
Mtds presentation vf eng 26062019 (5)
 
02.07.2019 English
02.07.2019   English02.07.2019   English
02.07.2019 English
 
01.07.2019
01.07.201901.07.2019
01.07.2019
 
Ukraine data release calendar July 2019
Ukraine data release calendar  July 2019Ukraine data release calendar  July 2019
Ukraine data release calendar July 2019
 
Mtds presentation vf
Mtds presentation vfMtds presentation vf
Mtds presentation vf
 
03.06.2019 english
03.06.2019   english03.06.2019   english
03.06.2019 english
 

Recently uploaded

Predictably Improve Your B2B Tech Company's Performance by Leveraging Data
Predictably Improve Your B2B Tech Company's Performance by Leveraging DataPredictably Improve Your B2B Tech Company's Performance by Leveraging Data
Predictably Improve Your B2B Tech Company's Performance by Leveraging Data
Kiwi Creative
 
Everything you wanted to know about LIHTC
Everything you wanted to know about LIHTCEverything you wanted to know about LIHTC
Everything you wanted to know about LIHTC
Roger Valdez
 
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
74nqk8xf
 
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
ahzuo
 
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
ahzuo
 
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
Aggregage
 
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
mbawufebxi
 
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
74nqk8xf
 
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
nuttdpt
 
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
Social Samosa
 
Population Growth in Bataan: The effects of population growth around rural pl...
Population Growth in Bataan: The effects of population growth around rural pl...Population Growth in Bataan: The effects of population growth around rural pl...
Population Growth in Bataan: The effects of population growth around rural pl...
Bill641377
 
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
74nqk8xf
 
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
Timothy Spann
 
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
slg6lamcq
 
Palo Alto Cortex XDR presentation .......
Palo Alto Cortex XDR presentation .......Palo Alto Cortex XDR presentation .......
Palo Alto Cortex XDR presentation .......
Sachin Paul
 
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
sameer shah
 
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
mzpolocfi
 
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
v7oacc3l
 
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
bopyb
 
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdfEnhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
GetInData
 

Recently uploaded (20)

Predictably Improve Your B2B Tech Company's Performance by Leveraging Data
Predictably Improve Your B2B Tech Company's Performance by Leveraging DataPredictably Improve Your B2B Tech Company's Performance by Leveraging Data
Predictably Improve Your B2B Tech Company's Performance by Leveraging Data
 
Everything you wanted to know about LIHTC
Everything you wanted to know about LIHTCEverything you wanted to know about LIHTC
Everything you wanted to know about LIHTC
 
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
 
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
 
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
一比一原版(CBU毕业证)卡普顿大学毕业证如何办理
 
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...
 
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
一比一原版(Bradford毕业证书)布拉德福德大学毕业证如何办理
 
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
一比一原版(Chester毕业证书)切斯特大学毕业证如何办理
 
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
 
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...
 
Population Growth in Bataan: The effects of population growth around rural pl...
Population Growth in Bataan: The effects of population growth around rural pl...Population Growth in Bataan: The effects of population growth around rural pl...
Population Growth in Bataan: The effects of population growth around rural pl...
 
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
 
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
 
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
一比一原版(Adelaide毕业证书)阿德莱德大学毕业证如何办理
 
Palo Alto Cortex XDR presentation .......
Palo Alto Cortex XDR presentation .......Palo Alto Cortex XDR presentation .......
Palo Alto Cortex XDR presentation .......
 
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...
 
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
一比一原版(Dalhousie毕业证书)达尔豪斯大学毕业证如何办理
 
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
在线办理(英国UCA毕业证书)创意艺术大学毕业证在读证明一模一样
 
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
一比一原版(GWU,GW文凭证书)乔治·华盛顿大学毕业证如何办理
 
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdfEnhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdf
 

Macroeconomic outlook mfu_may_2019_en

  • 1.
  • 3. 3
  • 4.
  • 14. 16
  • 15.
  • 17. Central fiscal revenues increased in the first four months of the year primarily due to following factors:  Transfer of the NBU profit to the central budget at UAH 47.6 bn.  Average wage growth (by 22.1% yoy in the first quarter);  Improved financial situation of companies;  Increase in natural gas extraction and effect of statistical base, which positively impacted revenues from rent payments on use of subsoil. The reason of under-execution of revenues include: lower net VAT revenues (e.g. due to VAT exemptions on imports of solar batteries since Jan.1, 2019), stronger hryvnia, lower than expected imports (e.g. of natural gas), reduction in tobacco production (by 13.3% yoy in the first quarter of 2019), approval of the share of distribution of net profits and dividends of SOEs only on April 26 (as a result, respective payments will be made only in the second quarter). VAT refunds was conducted automatically and equaled to UAH 57.2 bn (increased by 31.2% yoy). Source: State Treasury, data for 2019 as of May 2 2019 162,6 171,9 259,8 272,8 322,6 114,8% 108,4% 119,5% 98,8% 95,7% 2015 2016 2017 2018 2019 Actual, UAH bn % of target 26,9 30,0 33,9 86,4 22,0 6,9 9,0 15,0 33,0 30,7 24,4 90,3 18,5 7,0 14,8 47,6 100,8% 131,1% 105,3% 94,9% 79,2% 90,4% 69,9% 100,0% 106,4% 110,7% 76,1% 88,1% 74,7% 94,4% 93,4% 100,0% PIT EPT Net domestic VAT VAT on imorts Excise tax Import duties Rent payments Transfer of NBU profits 2019, actual revenues, UAH bn 2018, actual revenues, UAH bn 2018, % of target 2019, % of target
  • 18.  Central fiscal expenditure in the first four months of the year were financed according to the plan on the basis of opened payment requests. The largest allocations were made for wages and payroll, social protection, defense and security, debt servicing, and transfers to local budgets.  Key reason for under-execution of expenditures include: lower than planned need in social spending, savings on debt servicing due to stronger hryvnia, delays in the preparation and approval of required documents by key spending units. Source: State Treasury, data for 2019 as of May 2 2019 * According to the CMU resolution “On the provision of housing and utility subsidies to population in monetary form” (No.1176 from Dec. 27, 2018), the monetization of subsidies was introduced in January 1, 2019. As a result, budget allocations for this purpose are now conducted through the budget program “Payment of housing and utility subsidies and privileges to population in cash” (instead of transfer to local budgets). 48,6 53,8 40,0 35,2 112,360,6 72,8 51,7 39,0 86,6 Wages and payroll Social protection Defense and security State debt servicing Transfers to local budgets* 2018 2019 160,2 200,6 254,5 303,2 314,2146,3 185,1 228,0 275,5 294,5 91,3% 92,3% 89,6% 90,9% 93,7% 2015 2016 2017 2018 2019 Target with amendments Actual % of target UAH bn UAH bn
  • 19. 11,9 13,7 26,2 1,70 10 20 30 40 50 60 70 80 90 Jan Jan-Feb Jan-Mar Jan-Apr      Source: State Treasury, data for 2019 as of May 2 2019
  • 22. 22
  • 23. March April June July August September October November December
  • 24. March April August September October November December March April June July August September October November December
  • 25. Index of industrial production March April June July August September October November December Index of agricultural production March April June July August September October November December
  • 26. March April June July August September October November December March April June July August September October November December
  • 27. March April June July August September October November December March April June July August September October November December
  • 28. March April June July August September October November December
  • 29.
  • 30. KEY CONSOLIDATED BUDGET INDICATORS IN 2015-2019, UAH m Surplus
  • 33. IMF 4-year Extended Fund Facility (EFF) program (2015-2019): c.USD 8.5 bn received (as of October 2018). The EFF program replaced with a new 14-month Stand-By Program New Stand-By Arrangement (139% of quota) with total program size amounting to the equivalent of с.US$ 3.9bn approved by the IMF Board of Directors in December 2018 (first tranche of c.US$ 1.4bn disbursed immediately)