Budgetary revenues expressed as a percentage of GDP will fall in the coming years. Due to the need to reduce the deficit, the Reserve Fund and the most part of the National Welfare Fund (NWF) will run low by the end of 2018. This information is contained in the bulletin of the Department of Research and Forecasting (DRF) of the Central Bank titled “What the Trends Tell”.

      The regulator forecasts that the budgetary revenues will fall from 36.4 percent of GDP in 2015 to 34.2 percent in 2018. “This is primarily related to the decrease in oil and gas revenues due to the relatively stable rouble’s exchange rate and low oil prices” - the Central Bank explains.