OREANDA-NEWS. February 11, 2010. The Finance Ministry released federal fiscal figures for January, with revenues at RUB738bn and expenditures amounting to RUB671bn. The fiscal surplus is estimated at 2.4% of GDP, reported the press-centre of OTKRITIE Financial Corporation.

View: rather than signs of a trend, the January fiscal surplus figures reflect RUB99bn in one-off revenues from Stabilization funds placements in FY09. Otherwise, the fiscal deficit would have been 1.2% of GDP. On the spending side, this level of fiscal spending (RUB671bn) implies that the budget is being implemented smoothly.

January 2010 spending accounts for 6.8% of the full-year fiscal plan, whereas in previous years January spending normally comprised just 4-5% of the total plan. Spending seems to be proceeding without the hiccups that often occur early in the year, providing welcome and necessary support to the economy.