© Suomen Pankki - Finlands Bank - Bank of Finland, Contact information and areas of responsibility, Russian economy continued to recover in July, Russian government budget revenues decline precipitously, spending soars, Subsidy programmes and rate cuts support bank lending in Russia, State support scheme boosts demand for new housing loans in Russia. Value-added-tax revenues and mandatory social contributions based on wage earnings were only down by 5 %. The maximum surplus was 3835 RUB Billion and deficit was -2967 RUB Billion. The spending boosts for health and the economy were reflected in goods & services, corporate subsidies and fixed investment with unusually rapid increases of expenditures. The deficit of government budget in Russia …

The rise in defence spending accelerated in the second quarter.

The effectiveness of the stimulus has been helped considerably by fairly moderate rises in consumer prices and fixed investment prices, as well as a decline in producer prices of industrial goods supplied to the domestic markets (for more on developments in Russian budget expenditures and revenues in real terms see our just released BOFIT Policy Brief 10/2020). Government Spending in Russia increased to 4252 RUB Billion (53.353 B USD) in the second quarter of 2020.

Russia recorded a government budget deficit of 1777.85 RUB Billion in September of 2020. source: Federal Treasury Of Russia. The Euro is looking strong. Sources: Russian Ministry of Finance and BOFIT. By using this website you agree to the use of cookies. Revenues from labour income taxes fell much less (down just 10 %). The decrease was mitigated by a large one-time payment from Central Bank of Russia’s additional surplus to the federal budget in April, which resulted from the sale of the central bank’s majority stake in Sberbank to the government (BOFIT Weekly 17/2020).

Increased budget spending has focused especially on healthcare due partly to the coronavirus pandemic (up 35 % y-o-y in the first half) and the economy (up 26 %), mainly transportation and roads. Federal budget of the Russian Federation. Data published Yearly by Ministry of Finance. Revenue streams to the consolidated budget, an aggregate of federal, regional and local budgets plus state social funds, decreased by 13 % y-o-y in the second quarter and by about 4 % in the first half of the year. The decline in budget revenues from property taxes and special taxes on entrepreneurs, as well as the drying up of dividends from state-owned enterprises also had notable impacts.

Without the CBR payment, consolidated budget revenues were down by 23 % y-o-y in the second quarter and 9 % in the first half. Revenues from corporate taxes fell sharply in the second quarter (down 30 %), creating a large hole in the budget. The surplus of Current Account to GDP in Russia decreased to 1.8 % in 2019. Spending in both the first and second quarters was up by about 17 % y-o-y. After two years of surplus, the reduction in revenues and higher spending this year have turned the consolidated budget to deficit. Brief information on execution of the federal budget. Overview for 06.11.2020, The market went crazy!

The reductions in some revenue streams were not due only to the economy’s dive in the second quarter but also the government’s spring decisions to grant tax reductions and extensions on tax payments. Data published Monthly by Ministry of Finance. The 12-month deficit for the period ending in June corresponded to 1.3 % of GDP (without the CBR’s one-time payment, the deficit would have exceeded 2 % of GDP). Russian government budget revenues decline precipitously, spending soars BOFIT Viikkokatsaus / BOFIT Weekly 2020/35 28 Aug 2020 Revenue streams to the consolidated budget, an aggregate of federal, regional and local budgets plus state social funds, decreased by 13 % y-o-y in the second quarter and by about 4 % in the first half of the year. How to compare Forex brokers spreads and swaps? Government Revenues in Russia increased to 23670776 RUB Million (297.017 B USD) in August 2020. Budget spending has provided stimulus to the economy as it has increased significantly even in real terms. List of countries with highest gold reserves, TOP countries with the highest level of unemployment, How to find the best FX broker for trading in 2020. How much is Russia Government Budget? Again, without the CBR’s one-time transfer, revenues would have fallen in the second quarter by 13 % y-o-y.

Review as of 06.11.2020, XAUUSD: Elliott wave analysis and forecast for 06.11.20 - 13.11.20, USDJPY: Elliott wave analysis and forecast for 06.11.20 - 13.11.20, GBPUSD: Elliott wave analysis and forecast for 06.11.20 – 13.11.20, EURUSD: Elliott wave analysis and forecast for 06.11.20 – 13.11.20, USDCHF: Elliott wave analysis and forecast for 06.11.20 - 13.11.20, USDCAD: Elliott wave analysis and forecast for 06.11.20 – 13.11.20, Forex Technical Analysis & Forecast 06.11.2020, Murrey Math Lines 06.11.2020 (Brent, S&P 500), Japanese Candlesticks Analysis 06.11.2020 (EURUSD, USDJPY, EURGBP), Ichimoku Cloud Analysis 06.11.2020 (USDJPY, LTCUSD, BRENT), Fibonacci Retracements Analysis 06.11.2020 (BITCOIN, ETHEREUM). According to the budget rules, if oil prices exceed this benchmark, rather than spending on current needs, all the additional revenue is sent to the National Wealth Fund. The maximum volume was 4252 RUB Billion and minimum was 1629 RUB Billion. Amidst the covid-19 crisis, spending on public administration as well as domestic security and order also increased notably faster than in previous years. We use cookies on our website for a better user experience. In addition, the budget’s biggest spending category by far – spending on social support – grew briskly, mostly on near-doubling of support to families. Data published Monthly by Federal State Statistics Service.

Read more. © Take-profit.org, 2020 | All rights reserved. Consolidated budget spending has increased. Data published Quarterly by Federal State Statistics Service. Main spending categories of the Russian government budget sector (consolidated budget) show considerable increases this year. Amid the US Presidential Election job numbers in Focus on Friday – USD weakness ahead?

Nearly all revenue categories of the consolidated budget have decreased substantially this year.

The deficit of government budget in Russia decreased to 1778 RUB Billion (22.31 B USD) in September 2020. In August, prices exceeded $42 per barrel — the exact price that served as the basis for Russia’s 2020 budget. Other budget revenues in the first half of the year were up 5 %, while remaining unchanged on-year in the second quarter. Government Budget Value in Russia averaged 389.26 RUB Billion from 1998 until 2020, reaching an all time high of 3834.60 RUB Billion in October of 2008 and a record low of -2967.30 RUB Billion in December of 2016. View mode: ... 13.10.2020. download xlsx, 148.15 kB view. The maximum volume was 2863058688 RUB Million and minimum was 35000 RUB Million. The Russian State Duma has approved draft federal budget for 2020 and the planned period of 2021-2021 in the final reading. Smaller revenues from oil & gas taxes lowered their share of total budget revenues to 15 % in the first half. The maximum surplus was 9.88 % and deficit was -7.9 %. Russia faces $39 billion budget shortfall in 2020 from lower oil, gas revenues.