The State Duma approved the federal budget for three years, cutting the deficit to 0.7 percent of GDP.
MOSCOW, November 24 – RIA Novosti. The State Duma passed the law “On the federal budget for 2023 and the planning period 2024-2025”, which provides for the gradual reduction of the budget deficit from 2% to 0.7% of GDP.
Russia’s budget has been approved for 2023 in the amount of 26.13 trillion rubles (17.4% of GDP), in terms of income and expenditure – 29,056 trillion rubles (19.4% of GDP). At the same time, in 2024 budget revenues will amount to 27.24 trillion rubles, in 2025 – 27.98 trillion, and expenses – 29.43 trillion and 29.24 trillion rubles, respectively.
For the entire three-year period, the budget will run a deficit: in 2023 – 2% of GDP, in 2024 – 1.4% of GDP, in 2025 – 0.7% of GDP . The most important resource in closing the budget deficit will be government borrowing.
In 2023-2025, an increase in the volume of public debt of the Russian Federation is expected. At the end of 2023, the volume of public debt will amount to about 25,369 trillion rubles, in 2024 – 27,679 trillion rubles, in 2025 – 29.94 trillion rubles. At the same time, the share of domestic debt in the total public debt volume will be 81.6% in 2023, 82.4% in 2024, and 83.5% in 2025. As a result, the volume of Russia’s public debt “will remain at a safe level (less than 20% of GDP) over the next three years,” according to the explanatory note.
As of January 1, 2024, the upper limit of the internal state debt of the Russian Federation will be approximately 20,697 trillion rubles, external – 66.6 billion dollars or 63.4 billion euros; As of January 1, 2025 – 22,804 trillion rubles and $68.1 billion (or 63.1 billion euros), respectively; As of January 1, 2026 – 24.994 trillion rubles and 68 billion dollars (or 61.2 billion euros).
The volume of the National Wealth Fund at the beginning of 2023 is 8 trillion 987.4 billion rubles (6% of GDP), at the beginning of 2024 – 6 trillion 252.9 billion rubles (3.9% of GDP) will be at the beginning of 2025. – 5 trillion 947.2 billion rubles (3.5% of GDP). At the same time, the volume of funds is expected to reach 6 trillion 644.3 billion rubles (3.9% of GDP) by the end of 2025.
The main features of the budget are determined by the projected GDP volume of 149,949 trillion rubles in 2023, in 2024 – 159.714 trillion, in 2025 – 170.598 trillion, and the inflation rate is not higher than 5.5% and 4% in 2023 – in the years 2024-2025.
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