Regional Budgets in Q3 2022

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

According to the results of Q3 2022, total revenues of consolidated budgets of the subjects of the Russian Federation amounted to Rb14.06 trillion, which is by 17.9% higher than the value of this indicator for the same period in 2021 and exceeds the annual inflation rate. These figures have been achieved on the back of 19.4% growth of tax and non-tax revenues of the regions, which amounted to Rb11.26 trillion. Intergovernmental fiscal transfers grew more slowly (+10.6%), amounting to Rb2.60 trillion. The continuing reduction of the average level of debt burden of the regions, the reduction of the number of subjects with a high value of this indicator, the reduction of the share of the volume of expenditures of regional budgets on public debt service, as well as the replacement of commercial loans by budget loans contribute to the growth of fiscal sustainability of regions and reduce the risk of their debt problems.

Key words: regions’ budgets, revenues of regional budgets, expenditures of regional budgets, intergovernmental fiscal transfers, regional debt.

JEL-codes: H61, H62, H63, H71, H72, H74, H77.