28 Sep 2022 14:24

Draft federal budget for 2023-2025 sent to State Duma - Russian govt press service

MOSCOW. Sept 28 (Interfax) - The Russian government has sent the draft federal budget for 2023 and the 2024-2025 planning period to the State Duma, the press service for the government said.

The government approved its main parameters last week. Federal budget revenue is expected at 26.13 trillion rubles in 2023 and expenditures at 29.056 trillion rubles. The deficit is projected at around 2.9 trillion rubles, or 2% of GDP, and there are plans to finance it mainly through internal loans, Russian Finance Minister Anton Siluanov said at a government meeting.

The non-oil and gas federal budget deficit is projected to total 7.9% of GDP in 2023.

The deficit is expected to begin to decrease in 2024 to 2.192 trillion rubles, or 1.4% of GDP, and 1.264 trillion rubles in 2025, or 0.7% of GDP. The non-oil and gas deficit will also decline from 12.98 trillion rubles, or 8.9% of GDP, in 2022 to 11.864 trillion rubles in 2023, or 7.9% of GDP, 10.849 trillion rubles in 2024, or 6.8% of GDP, and 9.752 trillion rubles in 2025, or 5.7% of GDP.

Budget revenue will fall in 2023 compared to 2022 from 27.693 trillion rubles to 26.130 trillion rubles, or 17.4% of GDP, and it will increase to 27.24 trillion rubles in 2024, or 17.1% of GDP, and 27.979 trillion rubles in 2025, or 16.4% of GDP. Oil and gas revenue will total 8.939 trillion rubles, or 6% of GDP, 8.656 trillion rubles, or 5.4% of GDP, and 8.489 trillion rubles, or 5% of GDP, according to the explanatory note. Non-oil and gas revenue is projected at 17.191 trillion rubles, or 11.5% of GDP, 18.584 trillion rubles, or 11.6% of GDP, and 19.491 trillion rubles, or 11.4% of GDP.

Expenditures in 2023 will remain at practically the same level as in 2022 at 29.056 trillion rubles, or 19.4% of GDP, and will grow to 29.433 trillion rubles in 2024, or 18.4% of GDP, and 29.244 trillion rubles in 2025, or 17.1% of GDP.