Abstract
According to the data recently released by the Federal Treasury, over January–June 2015, the federal budget revenues contracted 1.9 p.p. of GDP, and expenditures went up 2.6 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 January–May 2015 increased 1.1 and 0.2 p.p. of GDP on five months of the previous year, respectively. Positive dynamics of the federal budget defi cit reduction are observed: by the end of five months 2015, the deficit constituted 3.7% of GDP, and then at the period-end results for six months 2015, it came to barely 2.6% of GDP. Consolidated budget of the RF constituents by the period-end results for five months 2015, was executed with a surplus of 2.0% of GDP.
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