Russian Duma passes draft 2022-2024 federal budget

MOSCOW. Nov 24 (Interfax) - The State Duma or lower house of Russia's parliament on Wednesday passed the draft 2022-2024 federal budget at its third and final reading.

The budget targets a recovery of economic growth, despite the uncertainties caused by the pandemic.

It projects federal budget revenues for 2022 at 25.022 trillion rubles or18.8% of GDP, for 2023 at 25.54 trillion rubles or 18% of GDP and for 2024 at 25.832 trillion rubles or 17% of GDP; and expenditure for 2022 at 23.694 trillion rubles or 17.8% of GDP, for 2023 at 25.241 trillion rubles or 17.8% of GDP and or 2024 at 26.354 trillion rubles or 17.4% of GDP.

Surpluses of 1.328 trillion rubles or 1% of GDP are planned for 2022 and 299.1 billion rubles or 0.2% of GDP in 2023, followed by a deficit of 522.7 billion rubles or 0.3% of GDP in 2024.

Forecast GDP is 133.33 trillion rubles in 2022, then 141.88 trillion rubles in 2023 and 151.5 trillion rubles in 2024.