Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Ukraine’s budget allocates over $2 billion for arms production in 2024

The 2024 state budget of Ukraine provides $1,2 billion for the production of unmanned aerial vehicles and another $1,2 billion for the production of ammunition and weapons.
Ukrainian President Volodymyr Zelenskyy. Credit: Presidential Office
Ukraine’s budget allocates over $2 billion for arms production in 2024

Ukraine’s President Volodymyr Zelenskyy signed the law on the 2024 state budget of Ukraine.

According to the state budget, Ukraine’s revenues in 2024 will amount to 1,768 trillion Ukrainian hryvnias ($48,8 billion), while expenditures will amount to 3,35 trillion hryvnias ($92,9 billion). This means that the deficit of Ukraine’s budget for the next year is envisaged to be 1,57 trillion hryvnias ($43,6 billion).

External borrowings are envisaged at the level of over 1,5 trillion hryvnias (around $40 billion). The forecast for the GDP level is 4.6%. Inflation is set at 9.7%.

The 2024 budget also provides for expenditures for the development of the defense industry:

  • 43 billion hryvnias ($1,2 billion) for the production of unmanned aerial vehicles;
  • 43 billion hryvnias for the production of ammunition and weapons.

Funds for the national security and defense sector are covered exclusively by domestic revenues: taxes, customs duties, dividends of state-owned companies, privatization, and funds from the placement of domestic government bonds.

The rest of the expenditures fall within the budget deficit, which is envisaged at 1.57 trillion hryvnias ($43,6 billion). The state budget will be financed by external borrowings (1,67 trillion hryvnias or ($46,3 billion), placement of domestic government bonds (525,9 billion hryvnias or $14,6 billion), and privatization proceeds (4 billion hryvnias or $111 million).

Almost 470 billion hryvnias (over $10 billion) will be allocated for social protection. Nearly 15 billion hryvnias (around $416 million) will be allocated to support veterans, including 1 billion hryvnias ($27,8 million) for prosthetics for soldiers.

Spending on healthcare and education will amount to 201 billion hryvnias ($5,6 billion) and 69 billion hryvnias ($1,9 billion), respectively.

The Verkhovna Rada (Ukraine’s Parliament) adopted the state budget for 2024 on 9 November 2023. A total of 276 MPs voted in favor of the country’s main budget.


You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Will the West continue to support Ukraine?
    • Know what moves the world.
    • Stay informed with Kompreno.
    • Get quality journalism from across Europe.
    Special discount
    for Euromaidan Press readers
    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts