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Russia’s Fiscal Policy in 2021

Author

Listed:
  • Barbashova Natalia

    (Gaidar Institute for Economic Policy)

  • Arkashkin Igor

    (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

In 2021, budget revenues of the enlarged government (BEG) amounted to Rb48.1 trillion, while the volume of the expenditures came to Rb47.1 trillion. Compared to 2019 and 2020, the BEG revenues in 2021 gained Rb8.6 and Rb9.9 trillion, respectively, or 0.8 and 1.2 p.p. GDP to 36.8% of GDP (Table 6). In 2021, oil and gas revenues as a share of GDP decreased relative to 2019 by 0.4 p.p. of GDP and increased by 2.5 p.p. of GDP relative to 2020; their share of total revenues in BEG was 19.4% in 2021 versus 20.9% and 12.9% in 2019 and 2020, respectively. Non-oil and gas revenues show an increase of Rb7.5 trillion and 1.2 p.p. of GDP in 2021 vs. GDP relative to 2019 and an increase of Rb5.5 trillion and a decline of 1.3 p.p. GDP vs. 2020. By the end of 2021, the budget surplus of the enlarged government amounted to slightly more than Rb1.0 trillion, which is equivalent to 0.8% of GDP. Thus, the BEG in the reporting year returned to a surplus, as it was at the end of the pre- pandemic 2019. The observed stability in the revenues of the RF budget system in recent years indicates the existing opportunities for maintaining the balance of the BEG in the medium term, if the geopolitical and macroeconomic conditions in the world do not deteriorate.

Suggested Citation

  • Barbashova Natalia & Arkashkin Igor & Belev Sergey & Leonov Elisei & Deryugin Alexander & Sokolov Ilya & Tishchenko Tatiana, 2022. "Russia’s Fiscal Policy in 2021," Published Papers ppaper-2022-1196, Gaidar Institute for Economic Policy, revised 2022.
    • Handle: RePEc:gai:ppaper:ppaper-2022-1196
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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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