OREANDA-NEWS. September 15, 2009. Namely, the State Budget Income is to be UAH  285bn and the Budget Expenditures are forecasted at UAH 324bn, while the Budget Deficit is not to exceed UAH 47bn (3.97% of 2010E GDP). The CabMin forecasts real GDP growth at 3.7%, y/y in 2010, nominal GDP at UAH 1179bn. Meanwhile the inflation is expected to be 9.7% in 2010.

Millennium Capital sees Budget Income Forecast to be overestimated, since its calculation were based on a quite high 2009E nominal GDP of UAH 1047bn (UAH 920bn by our estimates). Leaving the State Budget Expenditures the same we see that the State Budget Deficit will exceed 5% of the GDP in 2010.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of tickets selling for its flights due to high arrearage to the creditors of the company.