Regions' Budgets: Best Results of the Decade

In 2018, nominal and real revenues growth rates of regions’ and local budgets hit top indices since 2012. Simultaneously, curbing expenditure growth allowed for the first time in eleven years to ensure surplus of the consolidated budget in the amount of 0.5% of GDP. The number of Russian regions with surplus budget at the year-end hit an all-time high – 70. This allowed to markedly reduce the regions’ debt burden. At the same time, retention in 2019 similar growth rates of the budget revenues appears highly unlikely.