Federal Budget Execution for January-May 2023
Julia E. Kazakova – Researcher of the Gaidar Institute for Economic Policy; Junior Researcher of the Financial University under the Government of the Russian Federation (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ilya А. Sokolov – Head of Budget Policy Department of the Russian Presidential Academy of National Economy and Public Administration; Leading Researcher of the Gaidar Institute for Economic Policy, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tatyana V. Tischenko – Senior Researcher of the Gaidar Institute for Economic Policy; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
At the end of the first five months of 2023 federal budget revenues in nominal terms were Rb 2.2 trillion lower than a year earlier. Oil and gas revenues evidenced the main reason for such a visible reduction in budget revenues, which did not even reach the level of the same period in 2021. Stable dynamics of revenues to the budget is still ensured only by VAT, whose revenues grew by Rb 0.6 trillion in current prices. Federal budget expenditures during the period under review grew by Rb 2.7 trillion in nominal terms, which can partially be explained by a higher level of cash execution (45% of the annual values in 2023 vs 33–36% in the previous two years). As a result of the revenues and expenditures variety of trends the budget balance for the first 5 months of this year amounted to Rb 3.4 trillion vs surplus of Rb 0.3 trillion and 1.5 trillion for the same periods of 2021 and 2022.
Key words: federal budget, revenue, oil and gas revenues, non-oil and gas revenues, expenditure, taxes.
JEL-codes: H11, H50, H62, H63.
