Russia’s state budget in January–September 2015

According to the Federal Treasury, as of the period-end results for January–September 2015 the federal budget revenues contracted 1.3 p.p. of GDP and expenditures went up 2.4 .p. of GDP in comparison with the same period of the previous year. Revenues and expenditures of the consolidated budget of the constituents of the Russian Federation over eight months of the current year against the same period of the previous year increased by 0.6 and 0.2 p.p. of GDP, respectively. The federal budget deficit as of the period-end results for January–September 2015 came to 1.5% of GDP which is by 3.7 p.p. of GDP lower than the federal budget surplus over nine months of the previous year. Consolidated budget of the constituents of the Russian Federation as of the period-end results for eight months of 2015 was executed with a surplus of 1.0% of GDP or up 0.4 p.p. against January–August of the previous year. Reduction of the federal budget deficit in the medium-term remains the principal task of the RF Government. Anton Siluanov the Russian Finance Minister noted that as of the current year-end the federal budget deficit would not exceed 3% of GDP. Draft 2016 federal budget was also compiled with a deficit of 3% of GDP. However, in the coming 2017-2018 the federal budget deficit will be decreasing by a minimum of 1 p.p. of GDP annually. Despite the firm Finance Ministry stance against the increase of the federal budget expenditure1 reduction of the federal budget expenditure is limited in the medium-term and even during the execution of the current budget, the federal government is forced to take decisions which result to an increase in the budgetary allocations.