Russia’s federal budget had a surplus of RUR 505bn (about $17.56bn according to the current exchange rate) in January-October 2004, about 3.7 percent of the GDP, a source in the Finance Ministry told RBC quoting preliminary results.

Budget revenues were RUR 2.747 trillion (about $95.5bn), expenditures were RUR 2.242 trillion (about $78bn). Primary surplus was RUR 690.316bn (about $24bn), or 5.1 percent of the GDP.

The GDP in January-October 2004 was RUR 13.624 trillion ($473.6bn). Budget surplus in 2004 is expected to be RUR 505.7bn, instead of the planned RUR 83.4bn, according to the Finance Ministry.

Budget revenues are projected to be RUR 3.274 trillion ($113.8bn), RUR 531bn more than planned. Expenditures are expected to be RUR 2.768 trillion ($96.2bn).

On October 29, the Federation Council approved amendments to the federal budget for 2004. According to the amendments, budget revenues will rise by RUR 531bn (about $18.5bn), due to a revised forecast for the GDP, revenues of the Stabilization Fund and tax revenues.

The Stabilization Fund was RUR 404.43bn as of November 1, 2004, the source in the Finance Ministry said. As of October 1, 2004, RUR 349.7bn was transferred from the federal budget to the Stabilization Fund. The Fund is expected to be RUR 564.8bn, which is RUR 10bn less than planned.