Russian Prime Minister Mikhail Mishustin announced that the national budget has entered a more stable phase, aided by stronger revenues from sectors not tied to natural resource extraction. The remarks were reported by TASS.
He noted a dramatic shift in the source mix of income, pointing to a growing influence of the non-primary parts of the economy and signaling a broader diversification of the fiscal base.
According to Mishustin, the real economy is expanding and turning over more resources. For instance, revenue inflows in the first quarter of 2023 from the real sector topped 70 percent, marking a rise of over 10 percent from the same period in 2022. This uptick reflects healthier domestic activity and greater resilience in non-resource sectors, even in a challenging external environment. (TASS)
The Premier highlighted that non-extractive sectors now contribute more than two-thirds of national income, a distribution that underpins a more sustainable budget in the face of global volatility. This structural shift reduces reliance on commodity cycles and strengthens long-term fiscal prospects. (TASS)
Despite external headwinds, Mishustin stated that Russia managed to preserve a substantial portion of positive momentum in the federal budget, underscoring a cautious yet steady path forward for government finances. (TASS)