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Russia’s Fiscal Policy in 2020

Author

Listed:
  • Arlashkin Igor

    (Gaidar Institute for Economic Policy)

  • Barbashova Natalia

    (Gaidar Institute for Economic Policy)

  • Belev Sergey

    (Gaidar Institute for Economic Policy)

  • Leonov Elisei

    (Gaidar Institute for Economic Policy)

  • Deryugin Alexander

    (Gaidar Institute for Economic Policy)

  • Sokolov Ilya

    (Gaidar Institute for Economic Policy)

  • Tishchenko Tatiana

    (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.

Suggested Citation

  • Arlashkin Igor & Barbashova Natalia & Belev Sergey & Leonov Elisei & Deryugin Alexander & Sokolov Ilya & Tishchenko Tatiana, 2021. "Russia’s Fiscal Policy in 2020," Published Papers ppaper-2021-1118, Gaidar Institute for Economic Policy, revised 2021.
    • Handle: RePEc:gai:ppaper:ppaper-2021-1118
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    More about this item

    Keywords

    Russian economy; intergovernmental relations; fiscal policy; budget system; revenues; expenditures; Bank of Russia;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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