The Results of the Execution of Russia’s Federal Budget for January-November 2011

According to preliminary estimates released by the RF Ministry of Finance, in January-November 2011 Russia's federal budget was executed with a surplus of Rb 1.3 trillion.

Despite some reduction in the amount of surplus in absolute terms by comparison with the first 9 months of 2011 (Rb 1.4 trillion)) that resulted from the traditional excess of revenue expenditure over revenue receipts during the last two months of a year, it has become absolutely clear that Russia's federal budget for 2011 will move to a surplus.

The only thing that experts disagree on is the size of the federal budget's surplus in relation to GDP. The end result will depend, firstly, on whether or not the GDP growth rate achieved within the first 9 months of 2011 will actually be maintained until the end of the year, and secondly, on the cash-based execution of the federal budget within 12 months of 2011 (within 11 months, budget expenditures were executed at the level of 79.3% of those envisaged in the adjusted budget revenue and expenditure estimates, while revenue receipts within that period amounted to 91.4% of the net annual volume of federal budget revenue).

For more details, see The Political and Economic Results of December 2011.

T. V. Tishchenko, Candidate of Economic Sciences, Senior Researcher of the Budget Policy Department

Friday, 16.12.2011