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. Last Updated: 07/27/2016

Federal Budget Surplus Tops $5.5Bln

The federal budget surplus in the first 10 months of 2003 reached 164.8 billion rubles ($5.53 billion), or 1.5 percent of gross domestic product, a Finance Ministry official said Thursday.

The budget surplus was 122.1 billion rubles, or 1.3 percent of the country's GDP in the January-September period.

The government keeps budget surpluses in its reserves to smooth Russia's foreign debt servicing. Next year it plans to transfer extra cash to the so-called stabilization fund which should help bridge revenue gaps if oil prices fall. The ministry official, who requested anonymity, said the primary surplus, which excludes debt-servicing costs, was 365.4 billion rubles or 3.3 percent of GDP in the first 10 months of the year, estimated at 10.94 trillion rubles.

Budget revenues were 2.13 trillion rubles in the January-October period. Expenditures were 1.96 trillion rubles.

The data were calculated by a treasury method that shows funds extended to ministries irrespective of whether they were actually spent.