OREANDA-NEWS. On November 21, 2007 the Government has approved amendments to the draft State Budget 2008. According to Prime Minister Viktor Yanukovych, the budget amendments were conditioned by the situation on domestic and global markets, notably due to the increase of world prices for oil, metal products, and chemical industry products, reported the Official website www.kmu.gov.ua.

The GDP's growth amended from 107,2% to 106,8% or as compared to the previous version of the draft State Budget, the nominal value of GDP was increased from UAH 810,1 billion to UAH 889,4 billion (to USD 177,8 billion). Consumer price's inflation was changed from 6,8% 9,6%, while the price inflation in industry was enhanced from 11,6% to 15,5%.

Budget's revenue is expected to be enlarged by UAH 19,3 billion - to UAH 265,6 billion (USD 53,1 billion). The Government proposes to fix the State Budget 2008 deficit at UAH 16,5 billion, which makes 1,86% of GDP.

Amending the draft State Budget 2008, the Government rested upon the rise in prices for imported gas to USD 160 per 1,000 cubic meters.

In the initial version of the draft instrument, the Cabinet envisaged the budget revenue at UAH 191,13 billion (USD 38,22 billion), spending totaling UAH 211,93 billion (USD 42,38 billion), while the deficit was projected of UAH 18,94 billion or 2,34% of GDP.

The Government notes that social parameters of the Draft State Budge 2008 have not deteriorated. Thus, a minimum wage of UAH 525 (USD 105) will grow to UAH 605 (USD 121) from January 1 making 90,24% of the subsistence minimum. Pensions are expected to rise quarterly and grow by 40% by the end of 2008.