The Federation Council approved the budget of Russia for 2023-2025

The Federation Council approved the law on the federal budget of Russia for 2023 and the planning period of 2024-2025. The project provides for a gradual reduction of the budget deficit from 2% to 0.7% of GDP.

According to the document, in 2023 the deficit will be 2% of GDP, in 2024 – 1.4% of GDP, in 2025 – 0.7% of GDP. Government borrowings will be the main source of deficit coverage.

In 2023, budget revenues will amount to 26.13 trillion rubles, in 2024 – 27.24 trillion rubles, in 2025 – 27.98 trillion rubles. Budget expenditures in 2023 will amount to 29.056 trillion rubles, in 2024 – 29.43 trillion rubles, in 2025 – 29.24 trillion rubles.

The day before, Prime Minister Mikhail Mishustin declaredthat for 10 months of 2022, Russian budget revenues increased by 10% year-on-year, to 20 trillion rubles, expenses – by 5.5%, to 19.5 trillion rubles. According to Finance Minister Anton Siluanov, the federal budget was executed with a surplus of more than 200 billion rubles, or 0.2% of GDP.

Olesya Pavlenko