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Russia’s Fiscal Policy in 2020

Igor Arlashkin, Natalia Barbashova, Sergey Belev, Elisei Leonov, Alexander Deryugin, Ilya Sokolov () and Tatiana Tishchenko
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Igor Arlashkin: Gaidar Institute for Economic Policy
Natalia Barbashova: 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: The budget system revenues of the Russian Federation in 2020 shrank by Rb3.4 trillion in real terms compared to the previous year, or by 8.6% at constant prices (Table 6) on the back of reduced oil and gas revenues. For this reason, the proportion of oil and gas revenues in the total budget revenues of the enlarged government declined in 2020 to 13.1% against 20.9% in 2019. For non-oil and gas revenues, there is a slight increase of Rb118.0 bn or by 0.4% in constant prices, which was achieved during the crisis on the back of the transfer to the federal budget of the Bank of Russia profit obtained from the sale of equity stake in Sberbank (reflected under other income). In the total revenue side of the expanded government’s budget, the federal budget revenues decreased to 49.4% in 2020, compared to 51.1% in 2019.

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: 19 pages
Date: 2021, Revised 2021
New Economics Papers: this item is included in nep-cis, nep-isf and nep-mac
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https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1118.pdf Revised Version, 2021 (application/pdf)

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