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Russia’s 2020 budget executed with deficit of 3.8% of GDP

21 January 2021 19:01 (UTC +04:00)

Russia’s federal budget for 2020 was executed with a deficit of 3.8% of GDP, or 4.1 trillion rubles ($55.7 bln), Finance Minister Anton Siluanov told reporters, APA reports citing 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 bln), or 90.9% of the total amount of approved revenues. Execution of expenditures amounted to 22.82 trillion rubles ($310 bln), 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 bln) to the budget, which is 83.4% of the planned budget revenues. The Federal Customs Service transferred 4.75 trillion rubles ($64.6 bln) to the budget last year, or 86.7% of the forecast. Other federal agencies transferred 2.99 trillion rubles ($40.6 bln), or 153.4% of the forecast, according to the website of the Finance Ministry.