Page 85 - Russia OUTLOOK 2024

was 1.9%, but the RUB3.2 trillion deficit also shows that tax revenue collection was ahead of the budget forecasts at the start of the year thanks to strong growth.
At the start of 2023 Russia’s economy was expected to stagnate, but in the last months of the year the forecasts for growth were improved several times, ultimately rising from 2.2% predicted at the start of the last quarter to finally end the year with a 3.5% expansion. And on January 11, Russian President Vladimir Putin said that according to preliminary estimates growth in 2023 could be as much as 4%.
The State Duma, the Russian parliament’s lower house, on November 17 approved a law on the federal budget for 2024 and 2025-2026.
According to the law, revenue will amount to RUB35 trillion in 2024, RUB33.6 trillion in 2025 and RUB34.1 trillion in 2026.
Spending should reach RUB36.6 trillion in 2024, RUB34.4 trillion in 2025 and RUB35.6 trillion in 2026.
Budget deficit will stand at 0.9% of GDP in 2024, 0.4% of GDP in 2025, and at 0.8% of GDP in 2026.
Russia's spending on defence will total $117bn in 2024, according to Anton Siluanov; it will increase significantly compared to previous years.
Analysts expect no significant changes to the consolidated budget balance but a gradual reduction of the consolidated budget deficit: to 0% of GDP in 2023, to 1.5% of GDP in 2024, to 1.1% of GDP in 2025 and to 1.0% of GDP in 2026, according to the CBR’s December macroeconomic survey.
85 Russia OUTLOOK 2024 www.intellinews.com