Abstract
The RF federal budget for 2016 was executed with a deficit of 3.4% of GDP. This figure is significantly higher that the corresponding index for 2015 (2.4% of GDP), but still lower than the projection in the most recent version of the Law on the Federal Budget for 2016 (3.7% of GDP). The plunge of total federal budget revenue did not exceed 0.7 p.p. of GDP (as compared with 2015) due to the increased non-oil and gas revenue component. The year-end expenditure for 2016 jumped by 0.3 p.p. of GDP, due in the main to the additional allocation, in November, of Rb 739.7bn to national defense.
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