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The additional revenues of the Federal Budget from the high prices of oil and natural gas in the first half of the year 2004 amounted to about 1% of the Gross Domestic Product
The additional revenues of the Federal Budget from the high prices of oil and natural gas in the first half of the year 2004 amounted to about 1% of the Gross Domestic Product (GDP), acting Finance Minister Sergei Shatalov said, addressing the Russian government session on Tuesday. According to him, the Law on the 2004 Budget was calculated, proceeding from the oil price of $22 per barrel, but actually, in the first half of the year the oil price topped $30 per barrel. Thus, the budgetary revenues in the first six months of 2004 stood at 20.6% of the GDP in comparison with 20.7% of the GDP in a similar period last year, Sergei Shatalov said. In connection with a considerable lowering of the tax burden this year, it was planned a greater lowering of the budgetary revenues, by 1.1% of the GDP in the first half of the year, he said. However, a favorable foreign economic situation, mostly high world prices of oil and natural gas made it possible to avoid such a lowering of the revenues, Shatalov pointed out. The revenues of the Federal Budget in the first half of 2004 totaled 1,538.7 billion rubles (1 dollar = approximately 29 rubles) or 20.6% of the preliminary estimation of the GDP and 114.7% of the revenues approved for the first half of 2004. The expenditures of the Federal Budget in the first half of 2004 in the amount of budgetary financing the expenditures equaled 1,286.3 billion rubles (48.4% of the annual budgetary expenditure allocations and 94.5% of the specified consolidated federal budgetary revenues and expenditures for the first half of 2004) and in the amount of the cash expenditures of the Federal Budget equaled 1,184.6 billion rubles (44.5% of the annual budgetary expenditure allocations and 87.1% of the specified consolidated federal budgetary revenues and expenditures for the first half of 2004). The surplus in financing (the exceeding of the revenues over the amount of financing) totals 252.4 billion rubles (3.4% of the GDP). As far as the cash execution of the Federal Budget is concerned, the surplus amounted to 354.1 billion rubles (4.7% of the GDP). The primary surplus of the Federal Budget (the exceeding of the revenues over the expenditures, without expenditures for servicing the state debt) amounted to 359.3 billion rubles or 4.8% of the GDP, and in the cash execution - to 460.9 billion rubles (6.2% of the GDP).
Print The additional revenues of the Federal Budget from the high prices of oil and natural gas in the first half of the year 2004 amounted to about 1% of the Gross Domestic Product Bookmark The additional revenues of the Federal Budget from the high prices of oil and natural gas in the first half of the year 2004 amounted to about 1% of the Gross Domestic Product

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