In 2018, the federal budget revenues moved up by 2.4 p.p. of GDP against 2017 not least because of the oil and gas revenues which grew by 2.2 p.p. of GDP and the expenditures contracted by 1.7 p.p. of GDP compared to the previous year. The federal budget limitation due to the budgetary rules has...

In Q1 2018, the federal budget revenues exceeded the revenues seen during the same period of 2017. Oil and gas revenues rose while oil and gas income fell. Budget expenditure decreased against January-March 2017 which ensured the federal budget surplus. By the end of Q1 2018, dynamic of the...

To enrich the debate about the fiscal effectiveness of sovereign wealth funds, this paper explores the effect of sovereign wealth funds (more precisely sovereign oil funds, SOFs) on the government spending in real term and as a share of GDP. First, we evaluate the relationship between the...