Russia's three-year budget adopted with 4 trillion budget surplus

Russia's three-year budget adopted with 4 trillion budget surplus

The Russian State Duma has passed amendments to the budget for 2018 and the planned period of 2019-2020 in the third reading at the plenary session.

Amendments envision an increase in total revenues of 1.87 trillion rubles to 18.95 trillion rubles this year, 19.969 trillion rubles - in 2019, 20.218 trillion rubles - in 2020, 20.978 trillion rubles - in 2021. Total expenditures will go up by 212.7 bln rubles to 16.808 trillion rubles in 2018, 18.037 trillion rubles - in 2019, 18.994 trillion rubles - in 2020, 20.026 trillion rubles - in 2021.

The surplus of this year’s federal budget will soar by more than four-fold compared with the previous version of the budget to 2.137 trillion rubles. The budget surplus of 2019 will be at the level of 1.932 trillion rubles, in 2020 - 1.224 trillion rubles, in 2021 - 952 billion rubles.

The projected GDP volume taken into consideration for budget formation for 2018 has been increased from 98.234 trillion rubles to 101.164 trillion rubles, in 2019 - 105.820 trillion rubles, in 2020 - 110.732 trillion rubles, in 2021 - 118.409 trillion rubles.

Inflation outlook budgeted for 2018 has been adjusted from 2.8% to 3.4%, 4.3% - in 2019, 3.8% - in 2020, 4% - in 2021.

According to the amendments, oil and gas revenues will soar from 1.58 trillion rubles to 8.82 trillion rubles in 2018, 8.8298 trillion rubles in 2019, 7.936 trillion rubles in 2020, 8.018 trillion rubles in 2021.

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