Russia’s State Budget in 2015

Arseny Mamedov, Elena Fomina and Sergey Belev
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Elena Fomina: Gaidar Institute for Economic Policy
Sergey Belev: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2015, the general government increased their budget revenues in absolute terms by Rb 123bn from 2014, however the revenues dropped by 0.9 percentage points of GDP and by 13% in real terms (including CPI). The general government increased their budget expenditure both in nominal terms and as a percentage of GDP by 1.5 percentage points of GDP, whereas expenditure in real terms were cut by 7% over values seen in 2014. As a result, the general government ran their budget with a deficit of 3.5% of GDP (the 2014 budget deficit was 1.1% of GDP). Note that the 2015 deficit was many times the value recorded in 2013–2014, both in absolute terms and as a percentage of GDP, whereas a surplus was recorded in 2011–2012. Thus, in 2015 Russia’s budget system saw its balance deteriorate seriously over values seen in 2011–2014.

Keywords: Russian economy; budget system; tax revenues; budget parameters (search for similar items in EconPapers)
JEL-codes: H61 H62 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2016, Revised 2016
New Economics Papers: this item is included in nep-cis, nep-cse and nep-tra
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Published in RUSSIAN ECONOMY IN 2015 TRENDS AND OUTLOOKS (ISSUE 37)

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https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2016-260.pdf Revised version, 2016 (application/pdf)

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