Russia’s federal budget surplus at 1.1% of GDP in Jan-Oct.

By bne IntelliNews November 18, 2013

Federal budget surplus is estimated at RUB 608.7bn (USD 18.8bn) or 1.1% of GDP in Jan-Oct, according to flash estimates by FinMin. In H1/13 revised federal budget deficit was estimated at RUB 367.9bn or 1.2% of GDP. In October 2013 alone federal budget surplus stood at RUB 102bn or 1.8% of GDP.

To compare, in Jan-Oct 2012, budget surplus amounted to RUB 716.8bn or 1.4% of GDP, declining by 49% y/y. In 2012 federal budget was closed with RUB 12.8bn deficit or 0.02% of GDP.

In Jan-Oct 2013 federal budget revenues stood at RUB 10.74tn (83.5% of target for 2013). Budget spending was RUB 10.13tn (75.7% of target for 2013). It must be noted that budget spending usually soars abruptly in the end of the fourth quarter of the year. In 2013, the federal budget deficit is targeted at 0.7% of GDP. At the same time the non-oil and gas deficit will remain high in 2013 at 10.3% of GDP.

FinMin previously raised the federal budget deficit target from previous 0.4%, 0.6% and 0.6% of GDP in 2014-2016, respectively, to 0.6%, 1%, and 0.6%. Due to weakening economic growth budget revenues in 2014 are expected to decline by RUB 500bn or 0.5% of GDP in 2014 and RUB 1.1tn or 0.6% of GDP in 2015. 

Related Articles

Russia’s central bank reduces key rate in surprise decision

The Central Bank of Russia (CBR) reduced the key lending rate by 0.25 percentage points to 9.75% on March 24, despite broad market expectations of no change this month. The ruble strengthened to a ... more

Ex-Trump aide Manafort reported to be long-term Putin lobbyist

Paul Manafort, US President Donald Trump's former election campaign manager, struck a covert deal with Kremlin-affiliated Russian oligarch Oleg Deripaska in 2006 to promote the interests of President ... more

Russian central bank governor Nabiullina to be nominated for further five-year term

The governor of the Central Bank of Russia (CBR), Elvira Nabiullina, will be nominated for another five-year term, President Vladimir Putin told the country’s top banker on March 22. The nomination ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss