The State budget

As of 1 November 2012, the federal budget was executed with a surplus of 1.4% of GDP. The size of federal budget revenue over the period of January – October 2012 amounted to Rb 10,455.4bn, or 20.9% of GDP, that of federal budget expenditure – to Rb 9,735.8bn, or 19.5% of GDP. On 30 October 2012, the RF Government submitted to the RF state Duma a draft law on introducing alterations in the 2012 federal budget, whereby the expected GDP volume by the year’s results was to increase from Rb 60,590.0bn to Rb 61.238.0bn, the expected volume of federal budget revenue was to be increased by Rb 237.6bn, and that of federal budget expenditure - by Rb 212.,2bn; the forecasted federal budget deficit was to be decreased to Rb 42.7bn. Meanwhile, the increase in the size of budget expenditure planned for 2012 may turn our to be higher than that of the federal budget’s revenue base, because the movement of federal budget revenue in the second half-year of 2012 points to a steady decline in the revenue volumes as a share of GDP displayed by nearly all the indices of tax-generated and other types of revenues.