Russian President approves state budget for 2017

Russian President Vladimir Putin signed the law on the Russia’s federal budget for 2017 and the planned period of 2018-2019. The document was posted on the official website of legal information.

The budget law for the three-year period provides for 2017 revenues of 13.5 trillion rubles ($218.8 bln) and expenses of 16.2 trillion rubles ($262.5 bln). Revenues in 2018 and 2019 are projected as 14 trillion rubles ($226.9 bln) and 14.8 trillion rubles ($240 bln) respectively. Expenses will total 16.04 trillion rubles ($260 bln) in 2018 and 16 trillion rubles ($259.3 bln) in 2019, TASS reports.

Deficit of the federal budget is projected to be 2.8 trillion rubles ($45.4 bln) in 2017, with gradual reduction to 2 trillion rubles ($32.4 bln) in 2018 and 1.1 trillion rubles ($17.8 bln) in 2019.

The budget was drafted on the assumption of the average yearly oil price of $40 a barrel and inflation not above 4% in the planned period.