Regional Budgets in 2022

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

The year 2022 was a critical one in terms of the dynamics of tax and non-tax revenues of the consolidated regional budgets: while in the first half of the year it looked quite satisfactory and the growth of budget revenues significantly outpaced the inflation rate, by the end of the year the growth halted and the decline of profit tax revenues, exacerbated by its partial refunds to taxpayers, significantly raised the risk of formation of negative budget revenues in some regions in some months. In 2023, without additional financial assistance from the federal budget, the budgets of the overwhelming majority of regions will be unbalanced, which may lead to an increase in the total volume of regional debt and the amount of debt burden.

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.