STATE BUDGET IN JANUARY–NOVEMBER 2013

Federal budget revenues contracted 1.8 p.p. of GDP at the end of month 11 year-over-year, according to the Federal Treasury. At the end of month 10, consolidated budget revenues of the constituent territories of the Rus¬sian Federation also contracted by 1.2 p.p. of GDP against January-October 2012. Amendments to the Federal Law “On the Federal Budget 2013”1, which provided for an increase in the forecast amount of revenues from Rb 12865,9bn to Rb 12906,4bn and a decrease in the federal budget deficit from Rb 521,4bn to Rb 480,9bn, were made in December 2013 despite expectations of slowing down of the economy2 against the values which were taken in estimating basic parameters of the federal budget for 2013