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6.1.1 Budget dynamics - results
Russia’s federal budget for 2020 was executed with a deficit of 3.8% of GDP, or RUB4.1 trillion ($55.7bn), Finance Minister Anton Siluanov told reporters.
According to data published on the website of the Finance Ministry, budget revenues amounted to RUB18.72 trillion ($254bn), or 90.9% of the total amount of approved revenues.
Execution of expenditures amounted to RUB22.82 trillion ($310bn), which is 116.1% of the total amount of approved expenditures and 95.7% of the consolidated budget list, taking into account the amendments.
"As for federal budget expenditures, by the end of 2020, they increased by more than a quarter year-on-year, which reflects the unprecedented scale of support during pandemic periods and recovery after the lifting of restrictions. In terms of spending growth, Russia is among the top 5 countries of the G20," Siluanov said.
In 2020, the Federal Tax Service transferred RUB10.98 trillion ($149bn) to the budget, which is 83.4% of the planned budget revenues.
The Federal Customs Service transferred RUB4.75 trillion ($64.6bn) to the budget last year, or 86.7% of the forecast. Other federal agencies transferred
73 RUSSIA Country Report February 2021 www.intellinews.com
