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The 8th analytical Bulletin of Plekhanov Russian University of Economics "Analysis of trends in the fiscal sphere" releases
18 September
Science news

​Another analytical review of the scientific staff of the laboratory of Studies on money and credit system and financial markets of Plekhanov Russian University of Economics "Analysis of trends in the fiscal sphere" is characterized by a consolidated budget of the Russian Federation and budgets of state extra budgetary funds of the Russian Federation for the first half of 2017.


The analysis shows that the revival of business activity compared to the same period of the previous year, positively affected budget revenues: consolidated budget revenues responded with a substantial increase.


Even with inflation-adjusted revenue growth amounted to an impressive figure of 11%. The main contribution here was provided by the increase of oil revenues (9 percentage points of the 11).


The consolidated budget expenditures were also increasing, but at a slower pace, (the growth of expenditure in real terms was 1.9%). This led to the formation of a budget surplus.


The rise in oil prices and increasing tax rates contributed to the recovery of oil and gas revenues of the Federal budget for the half year rose more than 30% in real terms accounted for 40% of Federal revenues. The main expenditure items of the Federal budget, except for the section "social policy" and "national economy", has experienced another contraction. The significant growth in revenue with virtually unchanged costs have reduced the Federal budget deficit.