RUSSIAN BUDGET SYSTEM IN THE FIRST HALF OF 2017

Abstract

In the first half of 2017 took place the recovery of business activity in the foreig n econom ic sphere a nd at the i nter na l market. Positive econom ic dy n a m ics influenced the revenues of Russian budget system. The increase of oil and gas budget revenues was the most significant (following the oil prices increase). But there was also non oil and gas revenue growth. The increase of total volume of consolidated budget revenues reflects as well at the expenditure side of the budget. The amount of social policy and housing and public utilities financing increased in real terms. Sufficient growth of federal budget revenues didn’t allow yet the get budget deficit elimination, but the amount of the deficit has been significantly reduced. Though the consolidated budgets of the subjects of the Russian Federation in the first half of 2017 were executed with the overall surplus, the budget situation in different regions varies greatly. During the first half of 2017 still remained the deficit of the state social funds, mainly determined by the Russian Pension fund deficit.