Russian budget deficit planned at 0.9% of GDP in 2022

MOSCOW, Sep 22 (PRIME) -- Russia’s budget deficit will stand at 0.9% of the gross domestic product (GDP), or 1.313 trillion rubles, in 2022, according to the draft budget for 2023–2025 seen by PRIME on Thursday.

Budget revenue will amount to 27.693 trillion rubles, including 11.666 trillion rubles of oil and gas and 16 trillion rubles of non-oil and gas income, while spending to 29 trillion rubles.

According to Prime Minister Mikhail Mishustin, the government is finishing drafting the budget. “We will consider today the package of documents connected with its forming, including a forecast for social and economic development, the budgets of two extra budgetary state funds and several others," he said, adding financing of partial mobilization will be considered as well.

The draft budget envisages a balanced budget policy with demand support and confident growth of the economy by more than 2% in 2024, he said.

In 2023, budget revenue is expected at more than 26.1 trillion rubles and spending at 29.056 trillion rubles.

The Finance Ministry plans to borrow 1.747 trillion rubles through OFZ government bonds in 2023, 1.938 trillion rubles in 2024 and 2 trillion rubles in 2025.

The production of oil is expected at 515 million tonnes in 2022, 490 million tonnes in 2023 and about 500 million tonnes per year in 2024 and 2025.

Spending on healthcare is planned at 310 billion rubles in 2023 and 309 billion rubles in 2024, on demographics to 921 billion rubles in 2023 and 886 billion rubles in 2024.

Russia will raise financing of the employment program in the conditions of sanctions.

(60.8685 rubles – U.S. $1)

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