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Russian budget deficit totals 2.4% of GDP in 11M

Russia had a federal budget deficit of RUB1.788 trillion (USD30 billion), or 2.4 percent of the GDP, in the 11-month period from January to November 2016, according to a statement by the Russian Finance Ministry on preliminary budget results released on December 14, 2016.


Budgetary revenue was RUB11.435 trillion (USD190 billion), or 85.5 percent of the approved budgetary revenue for the year, and cash expenditures amounted to RUB13.223 trillion (USD220 billion) or 80.6 percent of the year’s approved spending and 79.5 percent of adjusted spending.


The primary federal budget deficit stood at RUB1.212 trillion (USD20 billion), or 1.6 percent of the GDP. The GDP for the 11-month period was RUB74.952 trillion (USD1.24 trillion).


The volume of internal and external borrowing for financing the deficit was RUB1.689 trillion (USD30 billion) and RUB97.923 billion (USD1.61 billion) respectively.


Oil and gas revenue totaled RUB4.350 trillion (USD72.5 billion), or 91.1 percent of the forecast 2016 revenue, while non-oil and gas revenue totaled RUB7.085 trillion (USD120 billion), or 82.5 percent of the revenue forecast.


Tax revenue was RUB6.243 trillion (USD100 billion), or 91 percent of the revenue forecast for the year. Customs revenue stood at RUB3.930 trillion (USD60 billion), or 90.2 percent of the estimated figure. Other federal revenue was RUB1.261 trillion (USD20 billion), or 58.6 percent of the total figure expected for the year.


In November, the deficit reached RUB272.7 billion (USD4.50 billion), or 3.9 percent of the GDP.

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