Government of Russia submits draft 3-year federal budget to State Duma

AK&M 01 October 2020 19:52

The Russian Government has submitted to the State Duma the draft federal budget for 2021 and the 2022-2023 planning period, according to a statement by the lower house of the Russian Parliament.

The federal budget revenues are projected at RUB 18.8 trillion in 2021, at RUB 20.6 trillion in 2022, at RUB 22.3 trillion in 2023. Total expenses will reach RUB 21.52 trillion in 2021, RUB 21.88 trillion in in 2022, RUB 23.67 trillion in in 2023.

The budget gap is projected at RUB 2.75 trillion in 2021, RUB 1.25 trillion in 2022, RUB 1.41 trillion in 2023. RUB 2.25 trillion will be spent on the national projects in 2021, RUB 2.62 trillion in 2022, and RUB 2.79 trillion in 2023.

According to the Government, the draft budget proceeds from the base social and economic development forecast. It envisages a slow recovery of the global economy with persistent restrictions to curb the spread of COVID-19. According to the forecast, the Russian economy will grow by 3.3% in 2021, 3.4% in 2022, and 3% in 2023. The inflation rate is not expected to exceed 4% in the next three years. The GDP is projected at RUB 115.53 trillion in 2021, RUB 124.22 trillion in 2022, RUB 132.82 trillion in 2023.