Evaluation of compliance with the balanced budget rule in 2013

Even though the medium-term objective expressed as structural deficit of 0.5% of GDP was not achieved, the pace of deficit reduction considerably exceeded the required improvement at a level of 0.9% of GDP, which should ensure the MTO is met in 2017 as planned.

For this reason, the CBR concludes that no significant deviation occurred in 2013 and hence there is no need to trigger a correction mechanism. Despite a different evaluation method applied by the CBR, the conclusions contained in its opinion conform to the conclusions presented by the Ministry of Finance.