Page 70 - RusRPTNov22

domestic supplies of industry has slowed down to a little over 10% on average. The budget deficit in the period of the last 12 months deepened to 0.7 percent of GDP.
The regional and local budgets' own nominal incomes, i.e. incomes without received transfers of funds, increased rapidly throughout last spring, but in June-August the increase dropped to less than 9 percent year-on-year. Transfers of funds from the federal budget have been somewhat variable, and in June-August their increase from the year before was quite weak. The increase in budget expenditures clearly accelerated in late spring and early summer, and despite the subdued increase in August, the increase in expenditures in June-August was 20% year-on-year. In the last 12 months, the surplus accumulated after the funds transfers was 0.8% of GDP.
Compared to the Ministry of Finance's estimates of this year's development as a whole, the increase in the income of the federal budget in January-September was in line with the annual estimate. Oil and gas tax revenues have accumulated better than the annual estimate, but other budget revenues less (-4% from the previous year) than in the annual estimate (-1%). Expenditures have risen by more than 20%, i.e. a little faster than in the estimate for the whole year (17%).
In the regional and local budgets, the increase in income (excluding transfers received) from the year before was significantly faster in January-August than the regions and the Ministry of Finance have estimated for the whole year. However, transfers of funds from the federal budget increased despite the fact that the increase in transfers of funds for the entire year is close to zero (although funds may have been transferred to the regions in priority amidst the current uncertainty). Regional budget expenditures have also risen a little faster (16% year-on-year) than in this year's estimate as a whole (13%).
The Federal Customs Service of Russia transferred 4.796 trillion rubles ($76.71bn) to the federal budget in January-September 2022, which is 4.8% higher than the forecast target, the service said. "In 9 months of 2022, the customs authorities transferred 4.796 trillion rubles to the federal budget. The fiscal result exceeded the forecast target by 4.8%," the report said. It was specified that the amount of additionally transferred payments reached up to 219.4bn rubles ($3.48bn).
70 RUSSIA Country Report November 2022 www.intellinews.com