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Oct 15, 2020
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Putin approved the law on the execution of the 2019 budget

Vladimir Putin approved the law on the execution of the federal budget for the past year, which was posted on the official website of legal information today.

According to the document, the 2019 budget was executed with a surplus of 1.974 trillion rubles. Revenues were equal to 20.188 trillion rubles, expenses - 18.214 trillion rubles. GDP reached 110.04 trillion rubles. Last year, compared to the year before, there was a decrease in the share of federal budget revenues in relation to GDP by 0.3 percentage points, from 18.6% in 2018 to 18.3% in 2019.

Non-oil and gas revenues increased by 1.1 percentage points, which is mainly due to an increase in VAT revenues on goods, work and services sold in Russia, on goods imported into the country, including due to an increase in the basic tax rate, as well as an increase in tax revenues on profits and excise taxes on petroleum products.

The non-oil and gas deficit last year amounted to 5.4% of GDP. In terms of oil and gas revenues, the indicator decreased by 1.4 percentage points of GDP, which was influenced by changes in tax and customs legislation as part of the completion of the “tax maneuver”. The change in socio-economic development indicators compared to their values ​​for the same period in 2018 also played a role, mainly due to a decrease in the cost of Urals oil.

According to the conclusion of the Accounting Board, at the end of last year there was the lowest level of execution of federal budget expenditures over the past 12 years (94.2%). The volume of unfulfilled budgetary appropriations reached 1.12 trillion rubles and increased compared to 2018 by 342.7 billion rubles, or 44%.

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