16.0
15.8
16.6
16.6
Budgetdeficit
-1.9
-1.2
-3.1
-3.1
-2.7
-3.1
-2.7
-1.9
-2.6
-2.4
-2.6
-2.9
Total financing,incl.
1.9
1.2
3.1
3.1
2.7
3.1
2.7
1.9
2.6
2.4
2.6
2.9
interiorfinancing
0.2
1.5
3.8
2.9
2.4
2.2
1.8
1.2
1.9
1.4
1.4
1.4
exteriorfinancing
1.7
-0.4
-0.7
0.3
0.3
0.9
0.9
0.7
0.7
1.0
1.2
1.5
Information: GDP(Rbl.аtrln.)
78.2
161.0
255.1
356.1
476.4
615.6
769.7
938.7
1110.7
1288.7
1469.7
1658.9
Budget deficit(accounting for the net servicing of the debt for thye GKOs)
-2.9
-2.1
-4.2
-4.2
-4.0
-4.4
-3.9
-3.1
-3.7
-3.5
-3.8
-4.2
Source: Ministry of finance, State FiscalService, Goscomstat of Russia.
Due to the continuation of the strict controlover the monetary mass M2, in 1996, its growth made 32.5% against 126% in 1995and 200% in 1994. As a result, the annual inflation reduced from 216% in 1994and 131% in 1995 to 21.8% in 1996. Nevertheless, despite the successes of thefirst stage of the financial stabilization, the sluggish Budget crisisremained; it saw its expression in the continuing erosion of the tax disciplineand growth of the tax arrears. As for the results of 1995, the tax arrears forthe consolidated Budget amounted to 29% of the December GNP (17% of the monthGDP for Decemberа1994). The arrears for the Federal Budget grew up to 16% ofthe GDP (11% of the GDP for December 1994). In whole, the growth of the arrearsfor 1995 amounted to 2.4% of the annual GDP; in other words, if the arrearsaccumulated since 1992 are accounted for, the consolidated Budget could havereceived the additional 3.3% of the GDP in the event of their repayment (seeTableа1.3).
Table 1.3.
Dynamics of Arrears for the 1995 RussianFederal and Consolidated Budgets.
Dynamics ofarrears for the 1995 Russian Federal Budget | |||||||||||||
January | February | March | April | May | June | July | August | September | October | November | December | ||
GDP(Rbl.аtrln.) | 78,2 | 161 | 255,1 | 356,1 | 476,4 | 615,6 | 769,7 | 938,7 | 1110,7 | 1288,7 | 1469,7 | 1659 | |
Total arrears (Rbl.bn.) | 11319,6 | 12339,4 | 12884,8 | 16326,6 | 19444,2 | 20303,8 | 23491,4 | 28427,9 | 28368,2 | 30923,9 | 33807,5 | 30016,6 | |
Inflation, % ofDecember 1991 | 893,7 | 992,1 | 1081,3 | 1173,3 | 1265,9 | 1350,8 | 1423,7 | 1489,2 | 1556,2 | 1629,3 | 1702,7 | 1757,2 | |
Increase ofarrears | 2050,2 | 1019,8 | 545,4 | 3441,8 | 3117,6 | 859,6 | 3187,6 | 4936,5 | -59,7 | 2555,7 | 2883,6 | -3790,9 | |
GDP,monthly | 78,2 | 82,8 | 94,1 | 101 | 120,3 | 139,2 | 154,1 | 169 | 172 | 178 | 181 | 189,2 | |
Monthly increase ofarrears, GDP | 2,62 | 1,23 | 0,58 | 3,41 | 2,59 | 0,62 | 2,07 | 2,92 | -0,03 | 1,44 | 1,59 | -2,00 | |
Increase of arrears,deflated | 0,43 | -0,23 | -0,52 | 2,00 | 1,44 | -0,33 | 1,47 | 2,59 | -0,86 | 0,75 | 0,88 | -2,77 | |
Total arrears,deflated | 12,67 | 12,44 | 11,92 | 13,92 | 15,36 | 15,03 | 16,50 | 19,09 | 18,23 | 18,98 | 19,86 | 17,08 | |
Total monthly arrears,% of the GDP | 14,48 | 14,90 | 13,69 | 16,16 | 16,16 | 14,59 | 15,24 | 16,82 | 16,49 | 17,37 | 18,68 | 15,87 | |
Dynamics ofarrears for the 1995 Russian consolidated Budget | |||||||||||||
January | February | March | April | May | June | July | August | September | October | November | December | ||
GDP(Rbl.аtrln.) | 78,2 | 161 | 255,1 | 356,1 | 476,4 | 615,6 | 769,7 | 938,7 | 1110,7 | 1288,7 | 1469,7 | 1659 | |
Total arrears (Rbl.bn.) | 19087,6 | 20055,0 | 20539,5 | 28508,6 | 38082 | 37705,0 | 40122,3 | 52685,0 | 51273,6 | 53694,4 | 63190,9 | 54995,7 | |
Inflation | 893,7 | 992,1 | 1081,3 | 1173,3 | 1265,9 | 1350,8 | 1423,7 | 1489,2 | 1556,2 | 1629,3 | 1702,7 | 1757,2 | |
Increase ofarrears | 3974,7 | 967,4 | 484,5 | 7969,1 | 9573,8 | -377,4 | 2417,3 | 12562,7 | -1411,4 | 2420,8 | 9496,5 | -8195,2 | |
GDP,monthly | 78,2 | 82,8 | 94,1 | 101 | 120,3 | 139,2 | 154,1 | 169 | 172 | 178 | 181 | 189,2 Pages: | 1 | 2 | 3 | 4 | 5 | ... | 32 | Книги по разным темам |