Russia’s National Budget in H1 2013

Abstract

The results of federal budget implementation in H1 2013 show that federal budget revenues dropped 2.1 p.p. of GDP year-on-year, while consolidated budget revenues of the constituent territories of the Russian Federation declined 1.7 p.p. of GDP in January-May 2013 against the first five months of 2012. The reduction of the foregoing budget revenues was basically governed by economic contraction. Furthermore, according to "The Budget Policy Guidelines for 2014 and the 2015-2016 Planning Period" which was posted on the Ministry of Finance’s official website on July 18, 2013, economic growth may slow down for a long period. To date, adverse trends in the Russian economy have had no serious effect on sustainability of the Russia’s budget system. The results of H1 2013 show that the federal budget ran a surplus of 0.9% of GDP, while consolidated budget of the constituent territories of the Russian Federation ran a surplus of 1.0% of GDP in the first five months of 2013.