Prime Minister Mikhail Mishustin said at a government meeting that last year Russia’s federal budget expenditures amounted to 31 trillion rubles, while its revenues amounted to about 28 trillion rubles.
“The year is over and it is already possible to summarize the preliminary results of the implementation of the federal budget for the past period. The solution of large-scale tasks at that time required serious expenditures of more than 31 trillion rubles. At the same time, revenues reached almost 28 trillion” (quoted by TASS).
According to Mishustin, “all social obligations to citizens are strictly fulfilled” and “in general, the indicators are not bad.”
The politician stressed that significant efforts have been made to ensure macroeconomic stability, “clear executive discipline of ministries and departments” in the implementation of state programs and other activities is necessary in the future.
“Colleagues, you have to deal with the contracting business yourself from today. Please look at the state of 2023 in terms of all volumes, the limits of budgetary obligations, and understand the planned nature of this work.”
budget deficit
Then, Finance Minister Anton Siluanov announced that the federal budget deficit in 2022 is 3.3 trillion rubles, or 2.3% of GDP. A larger value was recorded only in the 2020 pandemic year – 4.1 trillion rubles.
“Last year we more than fulfilled the revenue plan, the total volume was about 28 trillion rubles, or 2.8 trillion rubles. higher than planned. This has been driven by growth in non-oil and gas revenues, including both oil and gas revenues due to rising energy prices, and a VAT increase due to increased demand during certain periods of the past year.”
The Minister also concluded that the deficit was 1.8% of GDP, excluding the expenditure of funds allocated for compensation to the state’s extra-budgetary funds as a result of the postponement of insurance premiums.
December spend
As mentioned red blood cellAnalyzing data from the budget system’s single portal, one-fifth of 2022 budget expenditures fell in December. As Siluanov explained earlier, the expenditures that emerged during the discussion of the 2023 budget in the State Duma had to be postponed to 2022.
About 6.9 trillion rubles were spent in the last month of the year. This is almost a quarter (22%) of annual expenses. The deficit in December amounted to 3.9 trillion rubles.
2023 plans
Next year, the country’s budget is also planned to run a deficit. 17% of total spending will go to defense – almost 5 trillion rubles. The share of spending on security and law enforcement will be 15% (4.4 trillion rubles in monetary terms). It is planned to spend 7.3 trillion rubles on social policy.
Bloomberg had previously also reported on the risks of deficit in budget oil revenues due to the low selling price of Russian oil and large discounts for importers from India and China. So, now fuel leaves the ports at $38 a barrel, which is half the price of international standard Brent.