Federal Budget: 2022 Outcomes and 2023 Prospects

Федеральный бюджет: итоги 2022 г. и перспективы на 2023 г

Ilya A. Sokolov and Julia E. Kazakova
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Ilya A. Sokolov: Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Julia E. Kazakova: Gaidar Institute for Economic Policy

Russian Economic Development, 2023, issue 4, 4-7

Abstract: Macroeconomic and geopolitical atmosphere of 2022 did not have a significant negative impact on the federal budget. In particular, the federal budget deficit at 2022 year-end did not exceed 2.2% of GDP amid the forced increase in government spending, which is almost twice lower than the crisis year of 2020. The key factors of a relatively favorable budget throughout the year remained high oil and gas revenues, as well as the stability of domestic VAT revenues. Despite the growing sanctions pressure, the effect of these factors will generally remain in 2023, which is able to ensure a zero primary deficit even with a slight fiscal consolidation (within 10% of the planned non-interest expenditures).

Keywords: federal budget; revenue; oil and gas revenues; non-oil and gas revenues; expenditure; taxes (search for similar items in EconPapers)
JEL-codes: H11 H50 H62 H63 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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