Ukraine approves draft budget for 2014

11:17, 12 September 2013
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The Ukrainian government on Wednesday approved a draft budget for 2014, pegging its deficit at 2.7 percent of gross domestic product (GDP), an official from the Ukrainian president's office announced, according to Xinhua.

"According to the draft budget, the GDP is expected to grow by three percent in the coming year, while inflation will likely to stand at eight percent," Iryna Akimova, first deputy head of the Presidential Administration told journalists after the government meeting.

The preliminary indicative figures of the Ukrainian budget for 2014 are consistent with the forecasts by international financial institutions, Akimova added.

The draft budget needs to be ratified by the parliament to enter into force.

According to the state budget of Ukraine for 2013, the nation's economy will grow by 3.4 percent while inflation is expected to stand at 4.8 percent. The deficit target was set at 3.2 percent of the GDP.

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