Ukraine's budget deficit sharply down in 2011

10:51, 31 January 2012
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Ukraine`s spending in 2011...

Ukraine`s budget deficit was slashed by nearly two-thirds in 2011, Finance Ministry said Monday, according to Xinhua.

The budget gap stood at nearly 2.94 billion U.S. dollars, against 8.05 billion dollars in 2010, it said.

Ukraine`s spending in 2011 totaled 41.6 billion dollars, down nearly 9 percent from 2010, the ministry reported on its website.

Last year, the Ukrainian government received revenues of nearly 38.66 billion dollars, of which nearly 32.7 billion dollars came from taxes and 5.96 billion dollars was non-financial income.

Kiev is planning to reduce its deficit to GDP ratio to 1 percent by 2013 from an expected 1.6 percent this year.

In 2011, the country`s nominal GDP amounted to 164.25 billion U.S. dollars against 136.87 billion dollars in 2010.

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