Federal Budget Execution in 2021

Ilya A. 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; Director of the Institute of Macroeconomic Research, Russian Foreign Trade Academy, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2021, the federal budget was executed with a small surplus, which is an important achievement after a deficit of 3.8% of GDP a year before. It became feasible owing to two factors: oil and gas revenues returned to the precrisis level in nominal terms, while non-oil and gas revenues saw sustainable growth.

Key words: federal budget, revenue, oil and gas revenues, non-oil and gas revenues, expenditure, taxes.

JEL-codes: H11, H50, H62, H63.