The key parameters of the federal budget showed faster growth of revenues over expenditures at the end of Q1 2017 compared with Q1 2016. Thus revenues increased by 2.7 p.p. of GDP as budget expenditures gained 0.8 p.p. of GDP. As a result, the budget deficit was curtailed to 1.4% of GDP and the...

As demonstrated by the period-end results of H1 2017, the dynamic displayed by the main parameters of the federal budget points to revenue growth by 1.8 p.p. of GDP and expenditure decline by 0.8 p.p. of GDP relative to the corresponding period of the previous year. The upshot has been a...