Non-oil and gas budget revenues in 2024 should be twice as high as oil and gas revenues
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In 2024, Russian budget revenue is expected to amount to 35 trillion rubles. Prime Minister Mikhail Mishustin announced this at meeting government during the discussion of the draft three-year budget of the Russian Federation. Non-oil and gas revenues next year should be twice as high as oil and gas revenues.
According to the Prime Minister, the maximum budget expenditure in 2024 is planned at 36.6 trillion rubles, and about 3 trillion rubles are planned to be allocated for national projects next year. It is planned to spend 760 billion rubles on the implementation of socio-economic development initiatives over three years, Mr. Mishustin added.
“The main parameters of the budget were formed based on the approaches approved at the meeting with the president. Such significant growth will be possible thanks to the further development of our economy,” the prime minister said.
Finance Minister Anton Siluanov said that the department proposed adjusting the parameters for calculating oil and gas revenues. “If this year we calculated basic oil and gas revenues based on a nominal figure of 8 trillion rubles, then next year we propose to return to the usual parameters for calculating basic oil and gas revenues based on the base oil price. That’s $60 a barrel,”— reported minister
The head of the Ministry of Economy, Maxim Reshetnikov, clarified that GDP growth in 2024 is expected to be 2.3%, then more than 2% per year, taking into account “the existing limitations of technological and labor resources.” By the end of 2023, according to the minister, the ruble exchange rate will “strengthen” to 94 rubles/$. “In 2024-2026, taking into account changes in the structure of payments and the level of capital outflow, a new equilibrium will be formed at the level of 90-92 rubles. for a dollar,” said Mr. Reshetnikov.
According to government materials, budget revenues are expected to be 33.5 trillion rubles in 2025, and 34.1 trillion rubles in 2026. In the current budget, revenues in 2024 and 2025 are set at 27.2 and 27.9 trillion rubles. Expenses, according to the new draft budget, will increase by 18% in 2025 (to 35.6 trillion rubles). In 2026, they are expected to reach RUB 29.2 trillion.
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