Download This PaperThe State Budget in January-October 2013
Russian Economic Developments. Moscow. 2013, No. 12, pp. 21-24
4 Pages Posted: 22 Dec 2013
Date Written: December 21, 2013
Abstract
According to the Federal Treasury, federal budget revenues contracted 1.5 p.p. of GDP year-over-year in the period of January thru October 2013, including oil & gas revenues which dropped 0.9 p.p. of GDP. In the period of January thru September 2013 consolidated budget revenues of the constituent territories of the Russian Federation contracted by 1.3 p.p. of GDP against the first nine months in 2012. At the end of the first 10 months in 2013 Russia managed to run its federal budget with surplus, which however dropped 0.3 p.p. of GDP year over year. In anticipation of State Duma’s approval of the draft federal budget for 2014-2016, it becomes increasingly important to launch a broad discussion about the rationale for the introduction of the budgetary rule and expediency of transferring a part of federal budget revenues to stabilization funds amid an economic recession.
Keywords: Russian economy, state budget
JEL Classification: H61, H50, H20, H70
Suggested Citation: Suggested Citation