Russia : Subnational Governments' Fiscal Response to the Economic Downturn

Russia : Subnational Governments' Fiscal Response to the Economic Downturn

The aim of this note is to present and analyze subnational fiscal trends in Russia in the context of overall slowing economic growth and falling oil prices over the last few years. In particular, in 2015, GDP fell by 3.7 percent. Despite efforts to...

Full description

Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
fiscal policy
subnational governance
tranfers
taxes
debt
revenues
public expenditure
Online Access:http://documents.worldbank.org/curated/en/666891487262537815/Russia-Subnational-governments-fiscal-response-to-the-economic-downturn
http://hdl.handle.net/10986/26101
id okr-10986-26101
recordtype oai_dc
spelling okr-10986-261012021-06-14T10:14:38Z Russia : Subnational Governments' Fiscal Response to the Economic Downturn World Bank Group fiscal policy subnational governance tranfers taxes debt revenues public expenditure The aim of this note is to present and analyze subnational fiscal trends in Russia in the context of overall slowing economic growth and falling oil prices over the last few years. In particular, in 2015, GDP fell by 3.7 percent. Despite efforts to cut expenditures, the federal deficit increased to 2.4 percent of GDP. Subnational governments were also affected by the economic slowdown. Aggregate subnational revenues declined, in real terms, by 6 percent between 2014 and 2015. Revenues from taxes (including shares of federal taxes) fell by 4 percent while federal transfers fell by 13 percent. Nevertheless, the aggregate fiscal performance of subnational governments actually improved over this period. The nadir of subnational government finances occurred in 2013, when the consolidated subnational deficit reached 0.9 percent of GDP. Since then, it has shrunk. In 2015, the deficit was equal to only 0.2 percent of GDP. This was largely achieved by drastic cuts in spending. Spending in the social and infrastructure sectors both fell by 9 percent in real terms between 2014 and 2015. This note examines the fiscal prospects of subnational governments in Russia, focusing particularly on the nature of these spending cuts and whether they are sustainable over the medium term. 2017-02-21T20:25:37Z 2017-02-21T20:25:37Z 2016-12-15 Report http://documents.worldbank.org/curated/en/666891487262537815/Russia-Subnational-governments-fiscal-response-to-the-economic-downturn http://hdl.handle.net/10986/26101 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Public Sector Study Economic & Sector Work Europe and Central Asia Russian Federation
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic fiscal policy
subnational governance
tranfers
taxes
debt
revenues
public expenditure
spellingShingle fiscal policy
subnational governance
tranfers
taxes
debt
revenues
public expenditure
World Bank Group
Russia : Subnational Governments' Fiscal Response to the Economic Downturn
geographic_facet Europe and Central Asia
Russian Federation
description The aim of this note is to present and analyze subnational fiscal trends in Russia in the context of overall slowing economic growth and falling oil prices over the last few years. In particular, in 2015, GDP fell by 3.7 percent. Despite efforts to cut expenditures, the federal deficit increased to 2.4 percent of GDP. Subnational governments were also affected by the economic slowdown. Aggregate subnational revenues declined, in real terms, by 6 percent between 2014 and 2015. Revenues from taxes (including shares of federal taxes) fell by 4 percent while federal transfers fell by 13 percent. Nevertheless, the aggregate fiscal performance of subnational governments actually improved over this period. The nadir of subnational government finances occurred in 2013, when the consolidated subnational deficit reached 0.9 percent of GDP. Since then, it has shrunk. In 2015, the deficit was equal to only 0.2 percent of GDP. This was largely achieved by drastic cuts in spending. Spending in the social and infrastructure sectors both fell by 9 percent in real terms between 2014 and 2015. This note examines the fiscal prospects of subnational governments in Russia, focusing particularly on the nature of these spending cuts and whether they are sustainable over the medium term.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Russia : Subnational Governments' Fiscal Response to the Economic Downturn
title_short Russia : Subnational Governments' Fiscal Response to the Economic Downturn
title_full Russia : Subnational Governments' Fiscal Response to the Economic Downturn
title_fullStr Russia : Subnational Governments' Fiscal Response to the Economic Downturn
title_full_unstemmed Russia : Subnational Governments' Fiscal Response to the Economic Downturn
title_sort russia : subnational governments' fiscal response to the economic downturn
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/666891487262537815/Russia-Subnational-governments-fiscal-response-to-the-economic-downturn
http://hdl.handle.net/10986/26101
_version_ 1764460963218587648

Similar Items