Budget deficit at 3.8% of GDP in 10M; public debt 30% of GDP at end-October

The Finance Ministry said today that the state budget deficit increased 15.9% and the consolidated budget deficit by 15.7% in October. In 10M09, the state budget recorded a deficit of UAH 27.9 bln and the consolidated budget of UAH 28.4 bln. The Finance Ministry also reported today that total public debt increased 0.7% mom in October to USD 35.2 bln. Since the beginning of the year, the public debt load is up 42.9%. Mykyta Mykhaylychenko: During 10M09, the consolidated budget deficit equaled ~3.8% of GDP, almost unchanged from 9M09. We keep our forecast for the consolidated budget deficit in 2009 at 6.5% of GDP. Public debt stands now at a safe ~30% of GDP.