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Results of Budget Implementation during the First Nine Months of 2019

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.

Sergey G. Belev – Head of Budget Policy Department of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Based on the results of January-September 2019, the dynamics of the main parameters of the federal budget have revealed the following as compared to the same period of the previous year:

  • there is a stabilization of the revenues at the level of 18.8 p.p. of GDP; at the same time the reduction of the level of oil-and gas revenues was made up for by growth in VAT-related revenues;
  • the reduction of oil-and gas revenues was mainly caused by the application of exemptions in respect of excisable goods of some types of oil stock;
  • though growth in VAT-related revenues was feasible owing to raising of the main key rate, the former failed to result in a serious reduction of the taxable base;
  • with the expenditures reduced by 0.3 p.p. of GDP, the budget surplus increased to 3.8% of GDP, which situation can be explained mainly by lagging behind of cash administration across all the functional budget articles, except for inter-budget transfers.

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