Russian Ministry of Finance reports on budget performance for 2015

Russian Ministry of Finance reports on budget performance for 2015

Russia's Finance Ministry has summarized the preliminary results of the federal budget in 2015.

According to the ministry, the country's revenues amounted to about 13.655 trillion rubles, which is 3% more than originally planned. Budget expenditures reached approximately 15.6 trillion rubles. This is 1.2% higher than the planned amount of spendings.

Thus, a deficit amounting to about 1.946 trillion was registered. Considering that the GDP on the results of the year reached 73.708 trillion, the excess of expenditures in relation to incomes amounted to 1.9% of GDP

The balance of sources of internal and external financing of the budget deficit amounted to about 2.241 trillion rubles and minus 295.988 billion rubles, respectively.

Budget receipts of the Federal Tax Service reached about 6.88 trillion, and of the Federal Customs Service - about 4.933 trillion rubles.

About 283 billion rubles were received through the Federal Property Management Agency.

Excluding incomes from the transfer of the profits of Russian Central Bank and management of the Reserve Fund and the National Welfare Fund, receipts amounted to about 1.287 trillion, Interfax reports.

The director of the center for research into regional reforms of the Institute of Applied Economic Research of RANHiGS, Alexander Deryugin, in an interview with the correspondent of Vestnik Kavkaza, noted that this data suggests that the government has followed a conservative path, adhering to this line as much as possible.

"In other words, in the end, the figures turned out to be more or less realistic, and this is good, it means that in fact, even in the face of unpredictable changes in oil prices, in general we are able to make a forecast," he said.

In his turn, the director of the Institute for Public Finance Reform, Vladimir Klimanov, expressed the view that "in general, the government managed to cope with the reduction of expenditures and the need to contain expenditures in this difficult situation."

"And in this regard, we can say that the budget was implemented in accordance with established parameters only with understanding of the fact that, according to incomes, it was still much lower than what was predicted, projected or planned in the autumn of 2014, when it was originally submitted by the government for approval in the form of law," he said.