Federal budget of Russia
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Public finance |
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The federal budget of Russia (
The right of the Russian Federation for an independent federal budget is enshrined by Article 71 of the Russian Constitution and the Budget Code of Russia that regulates the details of its formation and execution.
Process
No later than October 1, the
The federal budget is considered by the State Duma in three readings (amendments to the Code). At first reading, the basic parameters of the budget are adopted. According to the Budget Code, during the first reading of the State Duma has the right to increase revenues and the federal
Structure
Difficulties in implementing fiscal reforms aimed at raising government revenues and a dependence on short-term borrowing to finance budget deficits led to a
codes), tight fiscal policy, and favorable commodities prices.Data by decade
2000–2009
Russia ran a budget surplus from 2001 to 2008 when
Although the government revised its budget projections during 2009 to reflect lower oil prices and the effects of the economic crisis, it ended the year with a budget deficit amounting to 7.9% of GDP, which it financed from the Reserve Fund, one of the government's two stabilization funds. The government's anti-crisis package in 2008 and 2009 amounted to about 6.7% of GDP, according to
The highest rate of increased fiscal revenues associated with the production and export of
2010–2019
In 2016, the Russian budget deficit reached $21 billion. It was expected to rise to $21.7 billion in the year. 2016 budget revenues were estimated to be 13.7 trillion rubles (200 billion US dollars) or 17.5% of GDP, while spending is planned to be 16 trillion rubles (roughly 233 billion dollars)[1] or 20.5% of GDP. The budget deficit is thus 2.35 trillion rubles (33 billion dollars) or 3% of GDP.[2]
2020–present
In 2021 the budget was set:[3]
- 2022 Revenues 25.2 trillion rubles ($341 billion). Expenses 23.6 trillion rubles ($343 billion). Surplus 1.4 trillion rubles ($15.2 billion)
- 2023 Revenues 25.5 trillion rubles ($349 billion). Expenses 25.1 trillion rubles ($343 billion). Surplus 0.4 trillion rubles ($5.9 billion)
- 2024 Revenues 25.8 trillion rubles ($352 billion). Expenses 26.1 trillion rubles ($357 billion). Deficit 0.3 trillion rubles ($4.3 billion)
As of autumn 2022 Russia was estimated to possess nearly $549 billion in
Since the war in Ukraine, the Russian government has gone out of its way to conceal its actual spending figures. The last reliable data we have from Russia goes back to 2021[6] which showed nearly 50 trillion Rubles in spending. In 2023 the Russian finance minister stated that the planned surplus of 1.4 trillion rubles from the 2022 budget had become a 3.3 trillion ruble deficit over the same period.[7] In addition, the Russian finance minister reported in April that the deficit in the first quarter of 2023 was 2.4 trillion against the expected yearly surplus of 0.4 trillion rubles.[8] Alex Isakov forecasts the 2023 expenditures to be 31 trillion rubles, with a deficit of 6.9 trillion.[9] The declared results to June 2023 shows a budget deficit of 2.59 trillion rubles ($28 billion).[10]
More than 20 million people in Russia (14 percent of the population) live below the poverty line, and the
See also
- Account Chamber of Russia
- Military budget of Russia
- Russian National Wealth Fund
References
- ^ "Russia's Budget Deficit to Reach $21Bln in 2016 – Finance Ministry". The Moscow Times. Retrieved 30 May 2016.
- ^ "Бюджет России на 2016 год. Инфографика". AiF. 25 December 2015. Retrieved 10 May 2023.
- ^ "Cabinet approves draft budget for 2022-2024 — Cabinet's telegram channel". 21 September 2021.
- ^ Berman, Ilan (30 November 2022). "The real costs of Russia's Ukraine war". NEXSTAR MEDIA INC. THE HILL.
- ^ "Russia Set To Post A Massive $55 Billion Budget Deficit In December". Yahoo. OilPrice.com. 14 December 2022.
- ^ "Roskazna". Archived from the original on 2020-10-10. Retrieved 2023-03-23.
- ^ Nechepurenko, Ivan (10 January 2023). "Russia posts a $47 billion budget deficit for 2022, its second highest in the post-Soviet era". The New York Times.
- ^ "Russia's Finance Ministry reports first quarter budget deficit of 2.4 trillion rubles".
- ^ "Budget off to the front - Russia's budget was short 1.7 trillion rubles in January. Still, there are enough funds for 'a couple years of war', Novaya-Europe's source says".
- ^ "Russia's budget deficit hits $28 bn". 8 July 2023.
- ^ Rustamova, Farida; Tovkailo, Maxim (28 September 2022). "Putin Can Afford at Least Two More Years of War". The Wilson Center.
- ^ "Putin approves big military spending hikes for Russia's budget". Reuters. 27 November 2023.
This article incorporates public domain material from U.S. Bilateral Relations Fact Sheets. United States Department of State.