Draft state budget of Ukraine for 2017 envisages 17% expenditure growth

The draft budget for 2017 projects expenditure growth by 16.7%, to UAH 876.9 billion, and GDP growth by 3%, said Ukraine`s Prime Minister Volodymyr Groysman at a cabinet meeting on Thursday while presenting the draft budget.

”The budget for 2016 amounts to UAH 749 billion, the budget for 2017 is estimated at UAH 876.9 billion. The revenue side of the budget remains as usual,” Groysman said.

According to the prime minister, the 2017 budget is based on the revitalization of economic growth.

”Next year, GDP will grow by 3%,” Groysman stated.

As UNIAN reported earlier, the Ukrainian government did not plan to raise rates on key taxes in 2017. Earlier, the Ukrainian prime minister said that the 2017 state budget should be drafted in the most realistic way and based on reasonable revenue projections and a real deficit not to undermine the macroeconomic stability achieved in Ukraine.

The government approved a draft budget resolution for 2017 on June 24. The document includes a forecast of GDP growth in the period 2017-2019 at a level of 3-4%, the decrease in inflation from 8.1% in 2017 to 5.2% in 2019, the lowering of the unemployment rate from 8.6% in 2017 to 8% in 2019. The level of debt has been capped at 66.8% of GDP in 2017, and at 61.8% of GDP in 2019. The hryvnia exchange rate is projected at UAH 27.2 per U.S. dollar in 2017.

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