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Federal Budget: 2022 Outcomes and 2023 Prospects
[Федеральный Бюджет: Итоги 2022 Г. И Перспективы На 2023 Г]

Author

Listed:
  • 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)

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).

Suggested Citation

  • Ilya A. Sokolov & Julia E. Kazakova, 2023. "Federal Budget: 2022 Outcomes and 2023 Prospects [Федеральный Бюджет: Итоги 2022 Г. И Перспективы На 2023 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 4, pages 4-7, April.
    • Handle: RePEc:gai:recdev:r2325
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    More about this item

    Keywords

    federal budget; revenue; oil and gas revenues; non-oil and gas revenues; expenditure; taxes;
    All these keywords.

    JEL classification:

    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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