Download This PaperState Budget in January 2013
Russian Economic Developments. #3, 2013
3 Pages Posted: 23 Mar 2013 Last revised: 18 Jun 2013
Date Written: March 21, 2013
Abstract
According to tentative estimates of the Ministry of Finance of Russia, the federal budget for January 2013 was executed with a deficit of 1.8% of GDP, while in the same period of the last year the federal budget was executed with a surplus of 0.7% of GDP. A significant difference in the results of the budget execution in January as compared with January 2012 is a consequence of the introduction of fiscal rules, according to which a part of the oil and gas revenue is addressed to the Reserve Fund. Therefore, despite the stabilization of the global oil prices, oil and gas revenues to the federal budget in January 2013 have decreased by 3.5 p.p. of GDP as compared with January last year.
Keywords: Russia' state budget, public finance
JEL Classification: H61, H50, H20, H70
Suggested Citation: Suggested Citation