Russian incomes are growing even without oil
The dependence of the Russian federal budget on oil prices has decreased.
Finance Minister Anton Siluanov announced this today in the State Duma of the Russian Federation.
“We have secured the financial plan from foreign economic conditions. The so-called non-oil and gas deficit has decreased to 7-9% of GDP. This is the lowest figure since 2008,” Siluanov said.
According to him, the growth of non-oil and gas revenues in relation to the volume included in the budget adjustments amounted to 679 billion rubles.
“This allowed us to increase federal budget expenditures by an appropriate amount. In this regard, the budget deficit decreased by 2 times compared to the planned values and amounted to 1,4% of GDP,” the minister noted.
He says investment growth was 4%.
“The federal budget revenue plan was exceeded by 368 billion rubles. At the same time, we did not reduce expenses like last year. They have been completed in full, half of them are directed to the social sphere. Revenue growth in 2017 was achieved without an increase in the tax burden, but through tax administration measures. Tax collection increased by 12%,” Siluanov said.
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