Government spendings of the Russian Federation in 2020 became a record in the entire history of the country

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Government spendings of the Russian Federation in 2020 became a record in the entire history of the country
Government spendings of the Russian Federation in 2020 became a record in the entire history of the country
23 March, 11:00Economy
The spendings of the consolidated budget of Russia, including off-budget social funds, reached 42.15 trillion rubles last year and thus turned out to be a record in the entire history of Russia.

This was reported by RBC, citing Andrey Chernyavsky, a leading researcher at the HSE Development Center.

The extended expenditures include spending from the federal budget, the budgets of regions and municipalities, as well as three off-budget funds. For 2020, expenses increased by 25% compared to the previous year. The expenditures of the consolidated budgets of the constituent entities of the Russian Federation increased by 15%.

During 2020, expanded government spending reached 39.5% of GDP, which is 5 p.p. more than the average for the period 20211-2019 More was perhaps a hundred in 2009, then the figure reached 41.4% of GDP.

The Russian Federation became one of the leaders among the G20 countries in terms of the effectiveness of anti-crisis measures, the Finance Ministry said. According to representatives of the department, a margin of safety has been created with the help of a balanced budgetary policy that has been pursued in recent years.

At the same time, the national debt of the country increased by 40%. In total, it amounted to 17.8% of GDP.

Russian domestic debt has grown more in 2020, it has already reached the amount of 14.791 trillion rubles (4.6 trillion rubles more than at the end of 2019). The external debt in foreign currency increased to $ 56.8 billion, which roughly corresponds to 4.195 trillion rubles ($ 1.9 billion more than in 2019).

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