Russiaas State Budget in H1 2014

Abstract

According to the data provided by the Federal Treasury of Russia, federal budget revenues gained 0.6 p.p. of GDP during the period of January to July 2014 relative to the corresponding period of the previous year; likewise, consolidated budget revenues of the constituent territories of the Russian Federatin increased 0.2 p.p. of GDP in H1 2014 compared to January-June 2013. The federal budget ran a surplus of 1.6% of GDP as of the end of the period between January and July 2014, while the consolidated budget of the constituent territories of the Russian Federation ran a surplus of 0.3% of GDP in the period of January to June 2014. However, although federal budget revenues reached 21.1% of GDP as of the end of six months in 2014, they stood at only 20.4% of GDP during the first seven months of the current year, i.e. down by 0.7 p.p. of GDP in July. Consolidated budget revenues of the constituent territories of the Russian Federation diminished by 0.6 p.p. of GDP as of the end of six months in 2014 compared to the volume of revenues observed in the period between January and May of the same year.