Page 51 - RusRPTJul19

6.0 Public Sector 6.1 Budget
The Finance Ministry released the Russian budget statistics for May.
Revenues were up 8.6% y/y in the month of May and 13.8% y/y in 5m19, reaching RUB7.9 trillion YTD.
Non-oil and gas revenues were up 18.9% y/y in 5m19, while oil and gas revenues rose only 7.7%.
Expenditures rose by only 5.8% y/y in May and 4.1% in 5m19.
After a RUB130.9bn downward revision to spending in April, expenditures in 5m19 came in at RUB6.7 trillion. Spending growth in 5m19 was below the 9.5% pace envisioned in the government's current plan for the full year.
The Finance Ministry reported a surplus of RUB333.8bn in May and RUB149.9bn in April after the revision. In 5m19, the budget surplus reached RUB1.1 trillion.
The government currently projects a budget surplus of RUB1.9 trillion this year (1.7% of GDP), based on its forecasts of about $65/bbl for Brent and 65.1 for $/RUB.
Sberbank CIB expect the surplus to come in at 2.5% of GDP in 2019, based on forecasts of $70/bbl for Brent and 65.5 for $/RUB.
51 RUSSIA Country Report July 2019 www.intellinews.com