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Russia’s budget deficit amounts to 3.7% of GDP in January-May — Finance Ministry

June 11, 2015, 16:22 UTC+3

Budget revenues totaled 42.7% of the planned amount while costs stood at 42.1% of the planned amount

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© TASS/Artyom Geodakyan

MOSCOW, June 11. /TASS/. Russia’s budget deficit reached 1.05 trillion rubles ($ 19.2 bln) or 3.7% of GDP in January-May, the Finance Ministry reported on Thursday.

In January-May, budget revenues totaled 5.36 trillion rubles ($98 bln), or 42.7 % of the planned amount.

In particular, the Federal Tax Service contributed 2.918 trillion rubles ($53.3 bln), the Federal Customs Service transferred another 1.876 trillion rubles ($34.2 bln).

The Federal Agency for State Property Management (Rosimushchestvo) contributed 10.29 bln rubles ($188 mln), which is 5% of this year’s plan.

Other federal agencies contributed 555 bln rubles ($10 bln).

In January-May, the federal budget expenditures totaled 6.4 trillion rubles ($117 bln) or 42.1% of the planned amount.

Earlier on Thursday, Finance Minister Anton Siluanov said the like-for-like nominal revenues of the Russian budget declined 8.9% in five months of 2015.

"This is because the tax base was still largely formed in the first quarter according to results of macroeconomic indicators in the fourth quarter of 2014," Siluanov added.

The Finance Ministry plans to reach the budget deficit of about 3% of GDP by the end of the year.

The ministry plans to bridge the deficit by borrowing on the domestic market and at the expense of the Reserve Fund.

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