Russia’s federal budget for 2020 was executed with a deficit of 3.8% of GDP, or 4.1 trillion rubles ($55.7 bn), Finance Minister Anton Siluanov was quoted as saying by TASS.
“The federal budget for 2020 was executed with a deficit of 4.1 trillion rubles, or 3.8% of GDP,” he said.
According to data published on the website of the Finance Ministry, budget revenues amounted to 18.72 trillion rubles ($254 bn), or 90.9% of the total amount of approved revenues. Execution of expenditures amounted to 22.82 trillion rubles ($310 bn), which is 116.1% of the total amount of approved expenditures and 95.7% of the consolidated budget list, taking into account the amendments.
“As for federal budget expenditures, by the end of 2020, they increased by more than a quarter year-on-year, which reflects the unprecedented scale of support during pandemic periods and recovery after the lifting of restrictions. In terms of spending growth, Russia is among the top 5 countries of the G20,” Siluanov said.
In 2020, the Federal Tax Service transferred 10.98 trillion rubles ($149 bn) to the budget, which is 83.4% of the planned budget revenues. The Federal Customs Service transferred 4.75 trillion rubles ($64.6 bn) to the budget last year, or 86.7% of the forecast. Other federal agencies transferred 2.99 trillion rubles ($40.6 bn), or 153.4% of the forecast, according to the website of the Finance Ministry.