Russia's State Budget in January 2015

According to the preliminary data of the Ministry of Finance of the Russian Federation, on the basis of the results of January 2015 the federal budget revenues fell by 0.8 p.p. of GDP, while the expenditures rose by 14.0 p.p. of GDP as compared to the same period of the previous year. The annual data on execution of the consolidated budget of constituent entities of the Russian Federation in 2014 shows growth of 0.2 p.p. of GDP in the revenues and a decrease of 0.1 p.p. in the expenditures as compared to January-December 2013. On the basis of the results of the first month of 2015, the federal budget deficit amounted to 5.4% of GDP, while the consolidated budget of constituent entities of the Russian Federation was executed in January-December 2014 with a deficit of 0.6% of GDP