Oil prices saved the Russian Federation from a serious budget deficit

The budget deficit of the Russian Federation in 2017 was more than two times lower than in 2016 - 1.336 trillion rubles against almost 3 trillion rubles.
The federal budget of 2017 was executed with a deficit of 1.4% of GDP, the Finance Ministry said. The resulting indicator is more than twice lower as the result of 2016 (3.4%), and the initially expected result of 2017 (3.2%) - and significantly less than the December expectations of the agency itself (1.8-1.9%). The budget deficit-2017 declined, despite the fact that the expenditure threshold, laid down in the beginning of the year, was ultimately exceeded by almost 200 billion rubles. - As incomes grew even more, by 1.6 trillion rubles.

The figures obtained by the end of the year are much better than the initial expectations of the authorities. In the first edition of the law on the budget-2017, the size of the deficit was determined at 3.2% of GDP, in the middle of the year on the increased oil price, the figure was reduced to 2.1%, and in the autumn - to 2.2%. Back in December, the Ministry of Finance expected that the figure would be 1.8-1.9% of GDP. As a result, according to preliminary data of the Ministry of Finance, 1.4% of GDP, or 1.336 trillion rubles, turned out. 2016 was closed with a much larger deficit - 3.4% of GDP, or 2.956 trillion rubles.

The revenues of 2017 are equal to 15.089 trillion rubles. (102.5% of the adjusted plan). On 60% they are provided with non-oil-gas charges - 9,118 trillion rubles, 40% - oil and gas - 5.972 trillion. Let's note, however, that such a division is conditional, in fact the share of oil and gas revenues is higher, because the Ministry of Finance refers to them only duties and severance tax on oil and gas, not taking into account all other taxes of raw materials companies (on profits, VAT, etc.).

In general, the revenues of 2017 by 1.6 trillion rubles. exceeded the rate of 2016th. Approximately the same amount of income was higher and the original plan for 2017. Of the additional 1.6 trillion 700 billion rubles are non-oil and gas revenues received, according to the authorities, including through improved tax administration. The remaining 900 billion rubles. gave oil and gas revenues. For the most part, they came about thanks to increased oil prices - the Urals barrel in 2017 averaged $ 53.03 against $ 41.9 in 2016 (an increase of 27%). There would be more additional oil revenues, but the Ministry of Finance "failed" the ruble, which turned out to be stronger in 2017 than expected - the actual average nominal exchange rate of the Russian currency in 2017 (58.3 rubles / $) did not meet the scenario outlined by the Ministry of Economics - 64.2 rub. for the dollar.

Expenses in 2017 are equal to 16.426 trillion rubles. (98.2% of the plan for the year). Unfulfilled appointments - 302 billion rubles. Spending-2017 were approximately at the level of 2016 (16.416 trillion) and 186 billion rubles. more than the original fixed in the budget law. Annual appointments for the two largest sections "Social Policy" and "National Defense" were executed at 99.2% and 93.2% respectively. The third by volume of funds section "National Economy", including state investments, was executed at 95.3%.