At the period-end of Q1 2020, the federal budget ran a slight surplus, however it was a temporary result because oil and gas revenues go into the budget in a timely manner and they record a downturn against Q1 2019. Non-oil and gas revenues although went up but that was due to the fact that they...

According to the results of H1 2021, the federal budget revenues exceeded the level of 2019, hitting 20.9% of GDP. The main contribution to this outcome was made by an increase in VAT receipts, primarily due to an increase in the consumption of nonfood products with a slight increase in the...

In Q1 2019, the federal budget revenues moved up by 0.3 p.p. of GDP against the same period of 2018 due to the rise of oil and gas revenues. Budget surplus constituted 2.2% of GDP. Overall, the dynamic of the main parameters of the federal budget is positive, despite the debt growth, risks of...