For January-July 2014, the government debt of the Russian Federation decreased by RUB 193.8 billion (-1.3%) to RUB 7.7 trillion (10.8% of the projected GDP), according to the Audit Chamber of Russia's interim report on the federal budget performance in January-July 2014.
Russia's gross domestic product in January-July totaled RUB 40.4 trillion in current market prices (56.5% of the total projected annual volume), the industrial production index reached 101.5%. Average Urals oil price was $107 per barrel exceeding the mid-annual projected 2014 level by 2.9%. The headline inflation rate in July 2014 was +5.3% against December 2013.
Federal budget revenues for 6 months of 2014 totaled RUB 8.3 trillion (58% of the annual figure), oil and gas revenues reached RUB 4.3 trillion. Compared with January-July 2013, federal budget revenues increased by RUB 924.4 billion (+12.6%), oil and gas revenues by RUB 678.1 billion (+18.7%).
Federal budget expenses for 6 months of 2014 totaled RUB 7.6 trillion (54.2% of the annual government expenditure).
The budget surplus in the Russian Federation was RUB 691.2 billion (1.7% of the GDP for the same period), the projected annual budget surplus being RUB 278.6 billion.
The total amount of Russia's Reserve fund in ruble terms increased by 8.2% for 6 months of 2014 (+RUB 235.5 billion) to RUB 3.1 trillion. Over the period from January 15 to July 31, 2013, aggregate income from the Reserve Fund deposits on foreign currency accounts with the Bank of Russia was estimated at RUB 9.8 billion.
The total amount of Russia's National Wealth Fund in ruble terms increased by 6.5% for 6 months of 2014 (+RUB 188.2 billion) to RUB 3.1 trillion. Aggregate income from the National Wealth Fund deposits on foreign currency accounts with the Bank of Russia over the period from January 15 to July 31, 2014 totaled RUB 7.4 billion), aggregate income from the NWF deposits with Vnesheconombank totaled RUB 24.5 billion