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Economic Analysis: Theory and Practice
 

A retrospective analysis of changes in revenues and expenditures of consolidated budget of the Russian Federation

Vol. 16, Iss. 4, APRIL 2017

PDF  Article PDF Version

Received: 4 April 2017

Received in revised form: 10 April 2017

Accepted: 14 April 2017

Available online: 2 May 2017

Subject Heading: ANALYSIS OF INCOME, PROFITS AND COSTS

JEL Classification: 

Pages: 692-710

https://doi.org/10.24891/ea.16.4.692

Pankova S.V. Orenburg State University, Orenburg, Russian Federation
panksv@mail.ru

Volokhina V.A. Orenburg State University, Orenburg, Russian Federation
vera_orenburg@mail.ru

Tsypin A.P. Orenburg State University, Orenburg, Russian Federation
zipin@yandex.ru

Importance The article investigates processes influencing the formation of consolidated budget of the Russian Federation.
Objectives The study aims to disclosure regularities of consolidated budget formation in the mid-term retrospective.
Methods The study employs statistical techniques, like graphical, tabular, ratio, correlation and regression.
Results We proved a possibility to generate time series of indicators characterizing the development of the Russian budgetary system, determined regularities of budget deficit (surplus) formation and its structure, demonstrated the impact of crisis (both global and national) on consolidated budget's deficit or surplus. The paper also determines the effect of socioeconomic factors on budget revenues and expenditures: the former indicator is most dependent on world oil prices, and the latter – on the number of retirees.
Conclusions and Relevance The analysis shows the State budget of the country is significantly dependent on revenues from the sale of hydrocarbons in the world market. Given the volatility of this market over five recent years and the downward trend in the level of prices, it is crucial to find additional sources of budget replenishment. This was one of the reasons for tax maneuver strategy formation by the Government of the Russian Federation. Reduced budget revenues accompanied by high level of social commitments result in a significant decrease in financial investments in the country's economy that adversely affects the process of crisis recovery. The Government of the Russian Federation face a serious challenge to differentiate the revenue side and optimize the expenditure side of consolidated budget.

Keywords: economic statistics, consolidated budget, budget gap, source of financing, expenditure pattern

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