Consolidated budget surplus hits UAH 0.4 bln in January

The consolidated budget surplus reached UAH 0.4 bln in January, vs. a surplus of UAH 2.6 bln in January 2009, the Finance Ministry reported on its website yesterday. Total revenues went up 11.6% yoy on the back of higher personal income tax, VAT and excises collections (which accounted for 70% of total revenues). Outlays, in turn, surged 36.5% yoy in January due to higher social expenses (+41% yoy) and debt servicing (+120% yoy). In 2009 the total fiscal deficit equaled 7.4% of GDP (incl. Naftogaz) and we foresee it to equal around 6.5% of GDP in 2010.