Russia's State Budget in January-July 2015

Russian Economic Developments. Moscow, 2015, No. 9, pp. 30-35

6 Pages Posted: 29 Sep 2015

See all articles by Tatiana Tischenko

Tatiana Tischenko

Gaidar Institute for Economic Policy; Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research

Date Written: September 24, 2015

Abstract

According to the Federal Treasury data, over January-July 2015, Russia's federal budget revenues contracted 1.3 p.p. of GDP, and expenditures went up 3.3 p.p. of GDP on the same period of the previous year. Revenues and expenditures of the consolidated budgets of the constituents of the Russian Federation over six month of the current year up 1.0 and 0.3 p.p. of GDP on six months of the previous year, respectively. The federal budget deficit for January-July 2015 constituted 2.8% of GDP, which is down 4.4 p.p. of GDP of the federal budget balance over seven months last year. Consolidated budget of the subjects of the Russian Federation by the period-end for six months 2015 was executed with a surplus of 1.0% of GDP or up 0.7 p.p. against six months 2014. The quality of state government and effectiveness of budget expenditure are becoming dominant domestic factors of budget system sustainability, its ability to adjust to risks amid falling prices on hydrocarbons and economic growth slowdown.

Keywords: Russian economy, state budget

JEL Classification: H61, H50, H20, H70

Suggested Citation

Tischenko, Tatiana, Russia's State Budget in January-July 2015 (September 24, 2015). Russian Economic Developments. Moscow, 2015, No. 9, pp. 30-35, Available at SSRN: https://ssrn.com/abstract=2665259

Tatiana Tischenko (Contact Author)

Gaidar Institute for Economic Policy ( email )

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

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