Page 36 - Russia OUTLOOK 2022

4.0 Budget & Debt
Main parameters of 2021-2023 federal budget
2020
2021
2022
2023
Revenues RUB trillion
17.9
18.8
20.6
22.3
Expenditures RUB trillion
22.6
21.5
21.9
23.7
Budget deficit RUB trillion
-4.7
-2.8
-1.2-1.4
-1.2-1.4
Budget deficit % GDP
-4.4
-2.4
-1.0-1.1
-1.0-1.1
State borrowing RUB trillion
4.4
2.9
2.1-2.4
2.1-2.4
Source: Ministry of Finance
• Federal budget 2021-2023
Russia is back in triple surplus – trade, current account and budget – as commodity and oil prices rise strongly in 2020 and 2021. Moreover, the current account was at an all time high in December 2021.
The budget was forecast to end 2021 with a deficit but ended up closing the year flat thanks to soaring oil prices. The outlook for 2022 is for another deficit of -0.5%, but with expectations for higher oil prices in 2022 the budget will very likely end the year in surplus.
In the last quarter of 2020, the budget went into deficit at approximately RUB4.1 trillion Russian, but by the second quarter of 2021 it went back into surplus of RUB775bn Russian rubles. The end of 2021 the budget was essentially flat with a 0.07% deficit, according to Finance Minister Anton Siluanov, well ahead of the -2.4% of GDP deficit predicted in the current
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