Execution of the Federal Budget in January-March 2019: No Risks for Stability

Tatyana V. Tischenko – Senior Researcher of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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 the fiscal sustainability are not getting any stronger.

Key words: federal budget, taxes, revenues, oil and gas revenues, non-oil and gas revenues, expenditures, state foreign debt.