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Russia’s budget deficit in 2022 reaches less than 2% of GDP, as planned — Finance Minister

According to Anton Siluanov, despite the geopolitical situation, restrictions, and sanctions, all planned spending targets were met

MOSCOW, January 10. /TASS/. Russia’s federal budget deficit in 2022 reached 2.3% of GDP, Finance Minister Anton Siluanov said at a government meeting.

"The [budget] deficit reached to 3.3 trillion rubles, or 2.3% of GDP. But, if we take into account the funds that were compensated by the state to extra-budgetary funds due to deferrals on insurance premiums, if we subtract these funds from spending, the deficit reached 1.8% of GDP, that is, less than 2%, just as we planned," Siluanov said.

He noted that in 2022 the plan for budget revenues was surpassed. "Total revenue amounted to around 28 trillion rubles, which is 2.8 trillion rubles higher than we originally planned. This was achieved thanks to oil and gas revenues, higher energy prices, and growth of non-oil and gas revenues, including due to the increase in VAT due to growing demand over certain periods last year," the minister said.

According to Siluanov, despite the geopolitical situation, restrictions, and sanctions, all planned spending targets were met. "On the contrary, we have increased expenditures - the growth was over 6 trillion rubles - this money was used primarily to support peope," he said.

Siluanov said that Russian regions have consistently executed their budgets. He added that last year all scheduled responsibilities were met, and measures to assist citizens and businesses were put in place.

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