Federal Budget Execution over 9 months of 2022

Sergey G. Belev – Head of Budget Policy Department 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.

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.

The federal budget for 9 months of 2022 was executed with a surplus of Rb 54.7 bn. The dynamics of revenues is slowing down, with the growth of rental revenues by 1.4 p.p. against the same period of the previous year and does not compensate for the fall of non-oil and gas revenues by 2.0 p.p. of GDP. Apparently, the federal budget revenues will make about 19% of GDP at year-end. The Budget execution on expenditures for the three quarters of 2022 is ahead of the last year and reached 18.8% of GDP, which is by 1.2 p.p. of GDP higher than a year ago. The increase in expenditures is mainly due to an increase in funding for closed budget items. According to our estimates, the volume of budget expenditures for the entire year of 2022 may exceed 20% of GDP.

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

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