Fiscal Balance in Russia
Russia's fiscal situation from 2013 to 2022 was heavily influenced by oil prices and geopolitical events. Despite facing sanctions and oil price fluctuations, Russia maintained a relatively stable fiscal position. The pandemic led to increased spending, but high oil prices in subsequent years provided fiscal support, notwithstanding Western sanctions.
The fiscal balance in Russia averaged -0.9% of GDP in the decade to 2022, above the Eastern Europe average of -1.8% of GDP. The fiscal balance in 2022 was -2.1% of GDP. For more fiscal balance information, visit our dedicated page.
Russia Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Russia from 2014 to 2023.
Source: Macrobond.
Russia Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | 1.8 | -3.8 | 0.4 | -2.1 | -1.9 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian fiscal balance projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Russian fiscal balance.
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