Page 58 - RUSRptApr17

6.3 Budget outlook
2017 budget parameters assuming no changes to tax system
Average Brent price in 2017, $/bbl
30
35
40
45
50
55
60
Average $/RUB in 2017
82.5
78.7
74.9
71.1
67.3
63.5
59.7
Revenues, RUB trillion
11.7
12.5
13.2
13.8
14.3
14.8
15.1
Expenditures, RUB trillion
15.8
15.8
15.8
15.8
15.8
15.8
15.8
Budget balance, RUB trillion
-4.1
-3.3
-2.6
-2
-1.5
-1
-0.7
Budget balance, $bn
-49.3
-41.7
-34.6
-27.7
-21.6
-16
-11.5
Source: Sberbank CIB Investment Research
58 RUSSIA Country Report April 2017 www.intellinews.com