Russia’s Fiscal Policy in 2021

Natalia Barbashova, Igor Arkashkin, Sergey Belev, Elisei Leonov, Alexander Deryugin, Ilya Sokolov and Tatiana Tishchenko
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Natalia Barbashova: Gaidar Institute for Economic Policy
Igor Arkashkin: Gaidar Institute for Economic Policy
Sergey Belev: Gaidar Institute for Economic Policy
Elisei Leonov: Gaidar Institute for Economic Policy
Tatiana Tishchenko: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2021, budget revenues of the enlarged government (BEG) amounted to Rb48.1 trillion, while the volume of the expenditures came to Rb47.1 trillion. Compared to 2019 and 2020, the BEG revenues in 2021 gained Rb8.6 and Rb9.9 trillion, respectively, or 0.8 and 1.2 p.p. GDP to 36.8% of GDP (Table 6). In 2021, oil and gas revenues as a share of GDP decreased relative to 2019 by 0.4 p.p. of GDP and increased by 2.5 p.p. of GDP relative to 2020; their share of total revenues in BEG was 19.4% in 2021 versus 20.9% and 12.9% in 2019 and 2020, respectively. Non-oil and gas revenues show an increase of Rb7.5 trillion and 1.2 p.p. of GDP in 2021 vs. GDP relative to 2019 and an increase of Rb5.5 trillion and a decline of 1.3 p.p. GDP vs. 2020. By the end of 2021, the budget surplus of the enlarged government amounted to slightly more than Rb1.0 trillion, which is equivalent to 0.8% of GDP. Thus, the BEG in the reporting year returned to a surplus, as it was at the end of the pre- pandemic 2019. The observed stability in the revenues of the RF budget system in recent years indicates the existing opportunities for maintaining the balance of the BEG in the medium term, if the geopolitical and macroeconomic conditions in the world do not deteriorate.

Keywords: Russian economy; intergovernmental relations; fiscal policy; budget system; revenues; expenditures; Bank of Russia (search for similar items in EconPapers)
JEL-codes: E62 H5 H61 H62 H68 H7 H72 H77 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2022, Revised 2022
New Economics Papers: this item is included in nep-cis
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