Regions’ Budgets: Best Results of the Decade

Alexander N. Deryugin – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration; Researcher of the Gaidar Institute. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2018, nominal and real revenues growth rates of regions’ and local budgets hit top indices since 2012. Simultaneously, curbing expenditure growth allowed for the first time in eleven years to ensure surplus of the consolidated budget in the amount of 0.5% of GDP. The number of Russian regions with surplus budget at the year-end hit an all-time high – 70. This allowed to markedly reduce the regions’ debt burden. At the same time, retention in 2019 similar growth rates of the budget revenues appears highly unlikely.

Key words: regional budgets, regional budget revenues, regional budget expenditures, regions’ public debt, public budget loans and bank loans.