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Another notable set of figures. Accordingto Finance Ministry data, cash inflows to the federal budget in 1998 amountedto 10.2 per cent of GDP, of which 7.7 per cent of GDP was contributed by taxes.This compared favorably with 1997, when cash receipts ended up at around 7.0per cent of GDP. To our mind, the latest improvement in cash receipts as apercentage of GDP was, in large measure, due to the tough stand taken by theKiriyenko government which came all out against irresponsible budgetperformance. The cash taken in to finance government spending under the budget(less target allocations) was put at approximately 90 per cent (9.4 per cent ofGDP).

Spending was more rigidly controlled,without major fluctuations under virtually all headings registered over theyear. National defense spending was maintained at 1.8 per cent to 1.9 per centof GDP, topping the average (to 2.0 per cent of GDP) in the period bridgingJanuary and February and in December only, to fall off to 1.7 per cent of GDPin August. Social spending held within the 1.8 per cent to 2.0 per cent bracketof GDP. It dipped only twice, to 1.6 per cent of GDP in January and to 1.7 percent of GDP in September, rebounding to 2.2 per cent of GDP only once, inDecember. Law enforcement fared similarly (with spending steady at 1.0 per centto 1.2 per cent of GDP through the year), and matched science (at 0.2 per centto 0.3 per cent of GDP), and government administration (0.3 per cent to 0.4 percent of GDP) in stability.

Spending to service government debt andsupport regional authorities behaved differently in 1998.

Government debt servicing plunged to ayearly minimum of 2.7 per cent of GDP in January, peaking to 5.4 per cent ofGDP in July, exactly double the minimum showing. Between March and September,interest expenditures by the federal budget remained steadily at or above 5 percent of GDP, while in September through December they went down to around 4 percent of GDP. In percentages of monthly GDP, government debt service costs werethe highest in March (8.3 per cent of monthly GDP) and the lowest in Septemberand October, at 1 per cent of monthly GDP. In the second sample, variationswere appreciably narrower, even if quite significant, between 1.2 per cent and1.6 per cent of GDP.

In general, government debt servicing (4per cent of GDP), defense (2.1 per cent of GDP), and social spending (2.1 percent of GDP) were the largest expenditure items of the 1998 budget. In thesocial expenditure bracket, the biggest sums went to education (0.5 per cent ofGDP) and social policy (1.5 per cent of GDP). Allocations to differentindustries (0.9 per cent of GDP), with manufacturing claiming 0.4 per cent ofGDP, were the largest spending items of the remaining federal budget. In 1998,total federal budget expenditure worked out at 14.5 per cent of GDP (18.4 percent of GDP in 1997), and the deficit bottomed out at 3.3 per cent of GDP (3.9per cent of GDP in 1997).

Save February, the federal fiscal deficitnever slipped below 3.0 per cent of GDP, registering a maximum (3.9 per cent ofGDP) in June and July. The deficit financing structure was altered at mid-year1998, after the government actually renounced, in May 1998, domestic borrowing,except for refinancing domestic government debt, abandoning domestic borrowingfrom mid-August fully in favor of external sources, which had come firstbeginning in June.

Wage arrears to the federal budget werepaid in late 1998 and early 1999. According to estimates by Finance Ministryexperts, they had reached Rb13.3 billion by early December, or 5 per cent ofthe November GDP. The federal budget arrears to the Pension Fund ran at 1.6 percent of GDP in early 1999, having grown by only 30 per cent of this amount over1998.

Table 1.5

Execution of 1998 consolidated budget
(per cent of GDP)

MONTH

I

II

III

IV

V

VI

VII

VIII

IX

X

XI

XII

REVENUE

1.Profit tax

2,3

2,5

3,0

3,6

3,7

3,7

3,5

3,5

3,4

3,3

3,3

3,6

2.Personal income tax

2,3

2,5

2,5

2,5

2,5

2,5

2,6

2,5

2,4

2,4

2,4

2,7

3.Value added tax

5,9

5,9

5,9

6,0

5,9

5,8

5,8

5,5

5,3

5,3

5,3

5,9

4.Excises

2,4

2,4

2,5

2,3

2,3

2,4

2,4

2,4

2,4

2,3

2,4

2,6

5.Property tax

0,5

0,6

0,8

1,3

1,6

1,6

1,6

1,7

1,7

1,6

1,6

1,8

6.Taxes on foreign trade andforeign economic operations

1,0

1,1

1,2

1,2

1,4

1,4

1,3

1,3

1,2

1,2

1,2

1,4

7.Other taxes

2,3

3,0

3,0

3,7

3,9

4,0

4,2

4,2

4,1

4,0

4,0

4,2

TOTAL TAXES ANDPAYMENTS

16,2

17,4

18,1

19,3

19,7

19,8

19,8

19,4

18,8

18,5

18,6

20,5

TOTAL NONTAX REVENUE

2,6

2,7

3,2

3,1

3,2

3,4

3,4

3,4

3,5

3,5

3,4

4,3

TOTAL REVENUE

18,8

20,1

21,2

22,4

23,0

23,2

23,2

22,9

22,3

22,0

22,0

24,8

1.Governmentadministration

0,9

1,0

1,0

1,1

1,1

1,1

1,1

1,1

1,0

1,0

1,0

1,1

2.National defense

2,0

2,0

1,9

1,9

1,8

1,9

1,8

1,7

1,8

1,8

1,9

2,1

3.Internationalactivities

0,1

-0,2

0,0

0,0

0,0

-0,1

-0,1

-0,1

-0,1

0,0

0,0

0,3

4. Justice

0,0

0,1

0,1

0,1

0,1

0,1

0,1

0,1

0,1

0,1

0,1

0,1

5.Law enforcement andsecurity

1,4

1,5

1,6

1,6

1,6

1,5

1,5

1,5

1,4

1,4

1,4

1,6

6.Basic research and promotion ofscientific and technological progress

0,2

0,2

0,3

0,3

0,3

0,3

0,2

0,2

0,2

0,2

0,2

0,2

7. Government services to thenational economy.

3,4

4,5

4,6

5,0

5,2

5,5

5,5

5,4

5,3

5,2

5,3

6,2

8. Social services, ofwhich:

6,7

7,2

7,7

8,4

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