Template-Type: ReDIF-Paper 1.0
Author-Name: Barbashova Natalia
Author-Name-First: Natalia
Author-Name-Last: Barbashova
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Arkashkin Igor
Author-Name-First: Igor
Author-Name-Last: Arkashkin
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Belev Sergey
Author-Name-First: Sergey
Author-Name-Last: Belev
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Leonov Elisei
Author-Name-First: Elisei
Author-Name-Last: Leonov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Deryugin Alexander 
Author-Name-First: Alexander
Author-Name-Last: Deryugin
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Sokolov Ilya
Author-Name-First: Ilya
Author-Name-Last: Sokolov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Tishchenko Tatiana
Author-Name-First: Tatiana
Author-Name-Last: Tishchenko
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Russia’s Fiscal Policy in 2021
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.
Classification-JEL: E62, H5, H61, H62, H68, H7, H72, H77
Keywords: Russian economy, intergovernmental relations, fiscal policy, budget system, revenues, expenditures, Bank of Russia
Creation-Date: 2022
Revision-Date: 2022
Length: 31 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2022-1196.pdf
File-Format: application/pdf
File-Function: Revised Version, 2022
Handle: RePEc:gai:ppaper:ppaper-2022-1196