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GDP growth, 6.2% inflation, and 28.7 UAH per dollar: Cabinet of Ministers adopted the draft State Budget-2022

The Cabinet of Ministers adopted the draft State Budget-2022. Photo: NBU

The Cabinet of Ministers adopted the draft State Budget-2022. Photo: NBU

The Cabinet of Ministers approved the draft law on the State Budget-2022. The project is based on the Budget Declaration for 2022-2024. The government expects the real GDP to grow by 3.8% and inflation to be 6.2%.

The government plans to allocate 200.6 billion UAH of pensions for 10.8 million Ukrainians, and 41.4 billion UAH for benefits and subsidies.

State budget revenues in 2022 will amount to 1.27 trillion UAH, and that is 161.7 billion UAH more than in 2021. Expenses will grow by 103.1 billion UAH—up to 1.4 trillion UAH. The state budget deficit will amount to 188 billion UAH.

In addition, the Cabinet of Ministers predicts a record economic growth in 2022—GDP should grow by about 4%.

Context. In July, the Rada supported the budget declaration for 2022-2024 presented by the Ministry of Finance. It provides for a long-term plan of the state budget, in particular, reducing the deficit, increasing tax revenues, the minimum wage, and the like.

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