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...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	SUBNATIONAL GOVERNANCE FISCAL TRENDS REVENUE EXPENDITURE TRANSFERS SUBNATIONAL SPENDING
Online Access:	http://documents.worldbank.org/curated/en/666891487262537815/Russia-Subnational-governments-fiscal-response-to-the-economic-downturn http://hdl.handle.net/10986/27941

id	okr-10986-27941
recordtype	oai_dc
spelling	okr-10986-279412021-05-25T09:01:02Z Russia : Subnational Governments' Fiscal Response to the Economic Downturn World Bank SUBNATIONAL GOVERNANCE FISCAL TRENDS REVENUE EXPENDITURE TRANSFERS SUBNATIONAL SPENDING 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. 2017-08-17T22:17:12Z 2017-08-17T22:17:12Z 2016-12-15 Report http://documents.worldbank.org/curated/en/666891487262537815/Russia-Subnational-governments-fiscal-response-to-the-economic-downturn http://hdl.handle.net/10986/27941 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review 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	SUBNATIONAL GOVERNANCE FISCAL TRENDS REVENUE EXPENDITURE TRANSFERS SUBNATIONAL SPENDING
spellingShingle	SUBNATIONAL GOVERNANCE FISCAL TRENDS REVENUE EXPENDITURE TRANSFERS SUBNATIONAL SPENDING World Bank 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
author_facet	World Bank
author_sort	World Bank
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	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/10986/27941
_version_	1764464717089210368

Russia : Subnational Governments' Fiscal Response to the Economic Downturn

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