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Russia's Fiscal Policy in 2017

The year 2017 saw some notable changes in the main parameters of the execution of the general government budget of the Russian Federation: the budgetary system’s revenue gained nearly 1 percentage point of GDP, while expenditure, on the contrary, lost 1.2 percentage points of GDP. Thus, the revenue volume amounted to 32.6 percent of GDP, and that of expenditure – to 34.1 percent of GDP. As a result, the budgetary system’s deficit shrank by 2.2 percentage points of GDP, to 1.5 percent of GDP.