Footnote:
In: Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2023. No. 2, pp. 3-5
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 3, 2023 erstellt
Description:
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)