The state budget deficit of Ukraine in December 2023 amounted to a record UAH 285 billion, compared to UAH 145.1 billion in November and UAH 98.4 billion in October, according to the State Treasury. It specified that the general fund deficit jumped to UAH 274.4 billion from UAH 162.5 billion in November and UAH 87.7 billion in October. The Ministry of Finance noted that the cash expenditures of the state budget in December also became a record and exceeded UAH 548.2 billion compared to UAH 337.9 billion in November and UAH 292.1 billion in October.
The general fund expenditures increased to UAH 397.7 billion from UAH 286.3 billion in November and UAH 228.1 billion in October.
According to the Ministry of Finance, in December 2023, revenues to the general fund of the state budget increased slightly to UAH 127.1 billion from UAH 121.7 billion in November, which is, however, less than UAH 139.4 billion in October, while US grant international assistance amounted to UAH 20.5 billion, while in November it was not, and in October it amounted to UAH 42 billion.
In total, in 2023, state budget revenues amounted to UAH 2.67 trillion, including UAH 1.66 trillion from the general fund, of which UAH 425.4 billion was international grant aid (the US – UAH 400.5 billion).
Last year’s cash expenditures of the state budget exceeded UAH 4 trillion, including UAH 3.03 trillion from the general fund, or 98% of the plan, compared to 93% a month earlier.
According to the Ministry of Finance, in 2023, the state budget was executed with a deficit of UAH 1.33 trillion, including a deficit of UAH 1.36 trillion in the general fund against the deficit of UAH 1.83 trillion planned in the general fund plan.
In 2022, the state budget was executed with a deficit of UAH 911.1 billion, including UAH 909.5 billion in the general fund, including UAH 99 billion and UAH 101.3 billion in December, respectively, and in pre-war 2021, the deficit of the general fund of the state budget of Ukraine was equal to UAH 166.8 billion.
State budget expenditures in 2022 amounted to UAH 2.70 trillion, including UAH 2.41 trillion for the general fund, which was 91.7% higher than in 2021. In December 2022, cash budget expenditures amounted to UAH 408.8 billion, including UAH 330.5 billion for the general fund.
The general fund of the state budget in 2022 received UAH 1.491 trillion, of which grant funding amounted to UAH 480.6 billion, while in 2021 revenues amounted to UAH 1.084 trillion. In December 2022, the general fund revenues amounted to UAH 229.2 billion, of which UAH 138.4 billion was grant aid.
As reported, on October 6, the Verkhovna Rada approved the next amendments to the state budget for 2023, mainly to increase spending on the security and defense sector. The new amount of state budget expenditures amounted to UAH 3 trillion 393.0 billion, including UAH 3 trillion 94.5 billion for the general fund, while revenues amounted to UAH 1 trillion 416.4 billion, including UAH 1 trillion 253.9 billion for the general fund. The limit for the deficit was set at UAH 2 trillion 10.35 billion, including UAH 1 trillion 834.6 billion for the general fund.
For more information on the situation in the Ukrainian and global economy, please see the video on the Experts Club YouTube channel at the link: https://www.youtube.com/watch?v=byJnfmie7bM
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Interfax-Ukraine news agency has announced that it has signed a license agreement with Dun & Bradstreet (D&B), becoming its official representative in the Ukrainian market. This step symbolizes a new stage in the development of the Ukrainian business environment, as it opens up access to global resources for verifying and analyzing business information.
The main product of D&B available through Interfax-Ukraine is D&B Hoovers, an online database that allows users to search and verify information about companies around the world. This tool will become an indispensable assistant for those seeking to expand their business horizons.
Also in the arsenal of products are Business Information Reports, which offer an extended investigation of the activities of any company in the world.
Users of D&B and Interfax-Ukraine services will be able to check foreign partners and counterparties, build corporate relationships, minimize risks in terms of payments and contract performance, and search for potential clients and partners around the world. D&B also conducts investigations, aggregates data on counterparty payments, analyzes business statistics and calculates various indices, including fraud, bankruptcy, payment discipline, and financial stability.
D&B’s business assessment ratings are considered a global benchmark for making decisions on cooperation. Due to the volume of orders and the well-established business procedure, D&B’s services are affordable, and access to information has a user-friendly interface that simplifies data processing.
Oleksandr Martynenko, CEO of Interfax-Ukraine, said that cooperation with Dun & Bradstreet is an important step in the agency’s development.
“We are proud to open the gateway to the global information services market for our clients. Our goal is to provide Ukrainian companies with up-to-date and accurate information that will help them grow and prosper in a globally competitive environment. The cooperation between Interfax-Ukraine and Dun & Bradstreet opens up new opportunities for Ukrainian companies seeking to expand their business internationally,” he emphasized.
In his turn, Maksym Urakin, Deputy CEO of Interfax-Ukraine and Head of the Business Unit D&B-Interfax-Ukraine, emphasized the strategic importance of the partnership between Interfax-Ukraine and Dun & Bradstreet for Ukrainian business.
“Now, having access to D&B’s global network of information, Ukrainian entrepreneurs will be able to significantly improve their competitiveness and reduce risks when searching for and screening partners around the world using the most advanced tools for business intelligence and strategic planning,” said Urakin.
This cooperation, in his opinion, is also evidence of the growing interest of global corporations in the Ukrainian market, emphasizing the potential and opportunities that, despite the war, are opening up for investors in the context of business globalization and the prospects for rebuilding Ukraine.
Interfax-Ukraine, as the official representative of D&B in Ukraine, is ready to provide a full range of D&B services and products, including detailed business intelligence and analytics that will be useful to anyone seeking to make informed and balanced business decisions.
The company invites interested parties to discuss cooperation opportunities and demonstrate the system at their convenience, emphasizing its openness to new partnerships and readiness to support the development of the Ukrainian business environment in accordance with international standards.
“Interfax-Ukraine is an independent Ukrainian news agency that has been operating in the Ukrainian political and economic information market since 1992 and has gained a reputation as the most authoritative and competent provider of timely and objective information. The editorial office (headquarters) is located in Kyiv. “Interfax-Ukraine is not a part of any foreign media holdings. The owner of Interfax-Ukraine is Oleksandr Martynenko.
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The negative balance of Ukraine’s foreign trade in goods in January-October 2023 increased 3 times compared to the same period of 2022 – to $22.363 billion from $7.108 billion, the State Statistics Service (Gosstat) reported.
According to its data, exports of goods from Ukraine for the period compared to January-October 2022 decreased by 19% to $29.827 billion, while imports increased by 18.8% to $52.19 billion.
The State Statistics Committee specified that in October-2023 compared to September-2023, seasonally adjusted exports decreased by 4.8% to $2.475 billion, while imports decreased by 1.6% to $5.251 billion.
The seasonally adjusted foreign trade balance in October-2023, as in the previous month, was negative at $2.776 billion compared to $2.736 billion before.
The export-import coverage ratio in January-October 2023 was 0.57 (0.84 in January-October 2022).
State Statistics specified that foreign trade operations were conducted with partners from 228 countries. Earlier, the analytical center Experts Club presented an analysis of macroeconomics of Ukraine and the world. For more details on the situation in the Ukrainian and world economy, see the video on the YouTube channel “Experts Club” at the link:
Subscribe to the channel here: https://www.youtube.com/@ExpertsClub
In a new episode of the Experts Club YouTube channel, Maksim Urakin, PhD in Economics, presented an analysis of macroeconomic trends in Ukraine and the world based on official data from the State Statistics Service of Ukraine, the NBU, the UN, the IMF, and the World Bank.
Macroeconomic Indicators of Ukraine
Maksim Urakin cited data from Ella Libanova, Director of the Institute for Demography and Social Studies, who estimates that about 50% of citizens will return after the war.
“Demographics is an important factor for economic recovery, but the threat of depopulation and labor shortages cannot be ignored. In the medium term, the decline in the demographic growth potential in Ukraine can only be offset by migration,” Urakin emphasized.
The expert noted that the main risks to the economy remain the duration of the war and the instability of international aid.
“In the third quarter of 2023, Ukraine’s GDP growth slowed to 8.2%. The negative balance of foreign trade increased 3.2 times, which is an alarming signal. The public debt has slightly decreased compared to August figures, but in 2024 it may exceed the country’s GDP for the first time, which poses significant risks to economic stability,” the economist said.
Prospects for the Global Economy
The founder of Experts Club also analyzed the global economy, noting a slowdown in growth in 2024 to 2.2%.
“One of the key reasons for the slowdown in global economic growth is the decline in GDP in developed countries. We are witnessing the lowest GDP growth in developed countries since the 1980s, with the exception of the global financial crisis and the COVID-19 pandemic. The unprecedented cycle of interest rate hikes by major central banks in recent years has also played a significant role in slowing growth. These rate hikes are driven by the need to control inflation, but at the same time, they limit economic activity,” the expert explains.
According to the expert, the current macroeconomic situation in Ukraine and the world requires further analysis. For Ukraine, the main challenges in the coming years will be the need to restore Ukraine after the war and manage the public debt.
For more information on the situation in the Ukrainian and global economy, please see the video on the YouTube channel “Club of Experts” at the link: https://www.youtube.com/watch?v=byJnfmie7bM
You can subscribe to the channel here: https://www.youtube.com/@ExpertsClub
ECONOMY, economy review, EXPERTS CLUB, MACROECONOMICS, URAKIN, world economy
On November 19, 2023, the VIII International Forum of Winemakers and Sommeliers was held in Kyiv, at the InterContinental Kyiv Hotel (2A Velyka Zhytomyrska St.), within the framework of which the following events took place:
– The jubilee XX All-Ukrainian Sommelier Competition “Master Sommelier – 2022-2023”,
– VII All-Ukrainian Cavist Competition “Best Cavist of Ukraine – 2022-2023”,
– Round table of winemakers and sommeliers as part of the Winemakers’ Dinner,
– Open tastings and presentations of wines, spirits, cheeses and other products for all guests of the events.
Organizers of professional events:
– Ukrainian Association of Winemakers and Sommeliers,
– Association of Cavists of Ukraine,
– The first in Ukraine Master Class Sommelier School.
General Partner – TM “Vinos dela Luz”
Partners: TM Big Wines, SV plus, Poli1898, Delamain, AELRED, Eyguebelle, ACHA, Purity, Zinka, Voda.ua, Cigar House Fortuna, Academy of Labor, Social Relations and Tourism, InterContinental Kyiv Hotel.
Ambassadors of several countries, MPs, the Chairman of the Trade Unions of Ukraine, heads of alcoholic beverage importers, restaurant managers, sommeliers, winemakers, heads of wine companies and wine boutiques, representatives of business structures, media and TV, wine connoisseurs and lovers attended the events.
The Forum opened with a minute of silence in honor of the deceased wine industry professionals who had previously participated in the Forum as participants and jury members.
Then, the anthem of Ukraine was performed live by a young singer Severina.
The professional jury was headed by Dr. Ricardo F. Nunez, owner of the international wine holding VINOS DELA LUZ. For the fourth year in a row, Dr. Nunez has been heading the jury and the Forum of Winemakers and Sommeliers of Ukraine.
Members of the professional jury:
– Natalia Blagopoluchna – President of the All-Ukrainian Association of Winemakers and Sommeliers, head of the First Sommelier School in Ukraine “Master Class”
– Oleksandr Sharay – sommelier, commercial director of SV+ company
– Yegor Bilov – sommelier of the InterContinental Kyiv Hotel, winner of the All-Ukrainian Sommelier Competition 2018
– Oleg Kravchenko – co-owner of Winbar, “Best Sommelier of Ukraine – 2011”
– Olga Girman – sommelier, winner of the All-Ukrainian Sommelier Competition 2021
– Dmytro Gurinchyk – national manager of the Cigar House “Fortuna”
– Irina Kovaleva, Director of the Tairov National Institute of Viticulture and Winemaking.
In the Final of the Contest, the participants competed in different rounds:: “Presentation and decanting of wine”, “Enogastronomy” (real serving of dishes from the chef of the restaurant Ruslan Morozyuk), “Cheese and wine”, “Blind tasting”, “Mixology”, “Cigar Tour”, etc.
In some of the tours, the participants communicated exclusively in English.
After the end of the competitions and the final work of the professional jury, the places were determined as follows:
“XX Anniversary Sommelier Competition 2022-2023”:
1st place – Svyatoslav Klymchuk (Kyiv, Bigoli restaurant)
2nd place – Igor Postoyankin (Kyiv, Catch restaurant)
3rd place – Natalia Sokolovska (Kyiv, DDS company)
“VII All-Ukrainian Cavist Competition 2022-2023”:
1st place – Vasyl Chuchman (Ivano-Frankivsk, Winetime wine boutique)
2nd place – Yevhen Boyko (Kyiv, Winetime wine boutique)
3rd place – Yevhen Brodyuk (Kyiv, Winetime wine boutique)
All finalists received Diplomas and gifts from the Partners, and the Winners received personalized cups.
The Chairman of the Jury Dr. Ricardo F. Nunez congratulated the Organizers and Finalists, thanked the Armed Forces of Ukraine and wished to hold the next Winemakers and Sommeliers Forum in peaceful Ukraine.
The General Information Partner is Interfax Ukraine News Agency.
Media Partners – Club of Experts, OPEN for BUSINESS, Kyiv Diplomatic magazine
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The article summarizes and analyzes the main macroeconomic indicators of Ukraine. In connection with the entry into force of the Law of Ukraine “On Protection of the Interests of Business Entities during Martial Law or a State of War”, the State Statistics Service of Ukraine suspends the publication of statistical information for the period of martial law and for three months after its termination. The exception is the publication of information on the consumer price index, separate information on statistical indicators for 2021 and for the period January-February 2022. The article analyzes open data from the State Statistics Service, the National Bank, and think tanks.
Demographic indicators of Ukraine
According to Ella Libanova, Director of the Ptukha Institute for Demography and Social Studies. Ella Libanova, depopulation is an inevitable scenario for Ukraine. A labor shortage is absolutely inevitable.
According to the estimates she presented at the Regional Economic Forum, as of the beginning of this year, the population in the government-controlled areas was 31.6 million people, and now it has slightly increased.
Libanova pointed out that the population forecast for the beginning of 2033 within the borders of 1991 Ukraine ranges from 26-35 million people.
According to her, the potential for demographic growth has been exhausted, and this is compensated for by migration.According to her, the potential for demographic growth has been exhausted, and this can be compensated for by migration.
Economic recovery
Ukraine’s gross domestic product (GDP), after declining by 10.5% in the first quarter of 2023 compared to the first quarter of 2022, started growing in the second and third quarters.
“At the same time, the World Bank forecasts Ukraine’s GDP to grow by 3.5% in 2023 and 4.0% in 2024, which is 1.5 percentage points (p.p.) and 0.5 p.p. higher than the June estimates, respectively,” said Maksim Urakin.
The key risk for our economy remains a longer duration and intensity of the war, as well as a decrease in the volume or loss of rhythm of international assistance, the resumption of a significant electricity shortage due to further destruction of the energy infrastructure and other risks.
Analysis of Ukraine’s foreign trade
Maksim Urakin also drew attention to the factor of the growing negative foreign trade balance, which has been observed since the beginning of the war.
“The negative balance of Ukraine’s foreign trade in goods in January-September 2023 increased by 3.2 times compared to the same period in 2022 – to $19.402 billion from $6.026 billion. This means that the cost of purchasing the goods Ukraine needs is almost $19 billion higher than the income from exporting Ukrainian goods to other countries. “, emphasized Urakin, PhD in Economics.
Ukraine’s financial situation in 2023
According to the expert, the main factors that characterize the state of the Ukrainian economy are public debt, international reserves and inflation.
“According to the calculations made during the preparation of the draft state budget, the projected amount of public debt calculated in national currency will amount to UAH 8,183,862.1 million and will be 104.6% of GDP. The state-guaranteed debt will amount to UAH 476,671.9 million and will be 6.1% of GDP,” said Maksim Urakin.
According to the expert, the main source of funding for Ukraine’s budget is still related to foreign aid.
“Half of the budget is financed through taxes and fees, while the other half is financed through international grants and loans,” he emphasized.
“Ukraine’s international reserves as of October 1, 2023, according to preliminary data, amounted to $39 billion 708.2 million,” the analyst added.
As for inflation, it continues to decline.
“Consumer prices in Ukraine increased by 0.5% in September 2023 after a decline of 1.4% in August and 0.6% in July, according to the State Statistics Service. At the same time, inflation was recorded at 1.9% in September 2022, so in annual terms in September 2023 it decreased to 7.1% from 8.6% in August and 11.3% in July,” Urakin said.
Thus, the economic situation in Ukraine, according to the founder of the Club of Experts, continues to require close monitoring and adaptation of strategies in response to changing conditions.
