Abstract
According to the data of the Federal Treasury, in January-March 2014 the federal budget revenues increased by 0.8 p.p. of GDP as compared to the same period of the previous year on account of growth of 1.1 p.p. of GDP in oil and gas revenues due to depreciation of the ruble exchange rate against the US dollar. In the 1st quarter of 2014, federal budget expenditures fell by 0.4 p.p. of GDP as compared to the 1st quarter of 2013 and on the basis of the results of January-March 2014 the federal budget was executed with a surplus of 0.7% of GDP. However, the effect of unfavorable foreign political and economic factors is getting stronger which situation creates additional risks for stability of the budget system of the Russian Federation and may require adjustment of the main parameters of the federal budget in the second half of 2014.
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