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Russia’s State Budget in 2015

Author

Listed:
  • Mamedov Arseny

    (Gaidar Institute for Economic Policy)

  • Fomina Elena

    (Gaidar Institute for Economic Policy)

  • Belev Sergey

    (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.

Suggested Citation

  • Mamedov Arseny & Fomina Elena & Belev Sergey, 2016. "Russia’s State Budget in 2015," Published Papers ppaper-2016-260, Gaidar Institute for Economic Policy, revised 2016.
    • Handle: RePEc:gai:ppaper:ppaper-2016-260
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2016-260.pdf
    File Function: Revised version, 2016
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    More about this item

    Keywords

    Russian economy; budget system; tax revenues; budget parameters;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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