The Federation Council approved amendments to the Federal budget for 2018

The Federation Council on Wednesday approved amendments to the Federal budget for 2018 that provide for the surplus the main financial document of the country in the amount of 0.5% of GDP.

The law increases the budget revenues in 2018 1,815 trillion rubles — up to 17,073 trillion rubles (17.4% of GDP), expenses — on of 61.9 billion rubles, to 16,591 trillion (16.9 percent of GDP). The budget deficit (1.3% of GDP) will be replaced by a surplus (0.5% of GDP).

The previously planned GDP increases 97,462 trillion rubles to 98,234 trillion rubles, and the annual inflation rate reduced from 4% to 2.8%. The upper limit of domestic debt is reduced from 10.5 billion rubles to 10.28 billion, from 71.6 billion (or 59.7 billion euros) to 61.9 billion (or 49.5 billion euros).

First Deputy Prime Minister and Finance Minister Anton Siluanov earlier did not rule out that Russia’s Federal budget could remain in surplus next year in case of preservation of the current prices of oil and gas. The Minister said that the Finance Ministry has budgeted 2018, the surplus of 0.5% of GDP.