Statistical Analysis of Public Budget Revenues in Ukraine

Abstract

The problem of filling the revenue part of the public budget is a pressing one for Ukraine. Public budget revenues lay the financial basis for the operation of the domestic government, show the economic performance of a country; budgetary process, when executed in a proper way, is the key for economic and social stability and good living standards of the population.

The system of public budget statistics in Ukraine has to meet the requirements of international organizations, which determines the areas of its current reforms. The issue of constructing a good and effective system for budgeting the revenue part of the Ukrainian public budget is, therefore, quite important now.

The objective of the study is to make statistical analysis of public budget revenues in Ukraine and investigate the factors affecting the amount of public budget revenues.

The analysis shows that the amount of public budget revenues in Ukraine has been affected by external and internal factors of economic, social, political and national origin. External factors include external public debt, level of integration in the global economic area; prices on energy sources; the scopes of external financial assistance from other countries and international organizations. Internal factors include the scopes of domestic GDP, interest rate, internal public debt, tax rates, domestic currency rate, population incomes, and inflation rate.

The consolidated source of both the central budget and the local budgets is the domestic GDP. When interpreting the economic meaning of the category “public budget revenues”, it needs to be remembered that, on the one hand, their amount is determined by sectoral distribution of GDP, and, on the other hand, once accumulated in the budget they become subject to further distribution. In the latest period, GDP growth in Ukraine has been due to the increasing gross value added in sectors like manufacturing, transport, wholesale and retail trade, agriculture, construction etc.

The analysis allows for the conclusion about the negative consolidated effect of the above factors for budgeting of revenues of the Ukrainian public budget. Problems affecting the budgeting of revenues are outlined: the boosting negative balance of foreign trade in commodities, the deteriorating financial performance of domestic enterprises and organizations, year-by-year contraction of GDP, the increasing foreign debt, ineffective taxation system.

The above problems can be solved by targeted long-term and short-term measures to stabilize the national economy, stimulate and expand domestic industries, shorten the nomenclature of existing taxes and introduce more effective and feasible taxes.