The Execution of the Federal Budget for January-October 2016 : Shrinkage of the Oil and Gas Deficit

As demonstrated by reported monthly performance data, the RF federal budget for the first 10 months of 2016 was executed with a deficit of -2.3% of GDP (vs. -1.0% of GDP over the same period of 2015). By the year-end of 20162, the plunge of total federal budget revenue is not expected to exceed 0.8 p.p. of GDP (as compared with 2015), this result to be secured by an increased non-oil and gas revenue component. The year-end movement pattern of expenditure in 2016 is going to be exactly reverse: its amount is expected to increase by 0.5 p.p. of GDP, due in the main to the additional allocation, in November, of Rb 739.7bn to national defense