The State Budget in January-August 2014

Abstract

According to the data of the federal Treasury, in January-August 2014 federal budget revenues rose by 0.9 p.p. of GDP as compared to the respective period of the previous year; within 7 months of 2014 the revenues of the consolidated budget of constituent entities of the Russian Federation rose by 0.2 p.p. of GDP as compared to January-July 2013. Within 8 months of 2014, federal budget expenditures decreased by 0.2 p.p. of GDP as compared to the respective period of 2013; within 7 months expenditures of the consolidated budget of constituent entities of the Russian Federation were 0.1 p.p. of GDP lower than in June-July 2013. On the basis of the results of execution of budgets, surplus is registered: 2.0% of GDP in January-August 2014 as regards the federal budget and 0.7% of GDP in January-July 2014 as regards the consolidated budget of constituent entities of the Russian Federation. On September 18, 2014, the Government of the Russian Federation approved the draft law of the federal budget in the mid-term prospect, while the initial comments on the main parameters of the fiscal policy were given by the Minister of Finance at the Investment Forum in Sochi. According to the Finance Minister, the next year will be the most difficult in terms of financial and economic stability both for the country in general and the private sector and the population in particular.