The overall budget intake among the country’s top ten regions surged 27% in the first half of the year
FILE PHOTO: Flowers planted for the annual Flower Festival, near the State Department Store (GUM) in Moscow. © Sputnik / Ekaterina Chesnokova
Russia’s leading regions reported sharply higher revenues in the first half of 2022, despite Western sanctions, the business daily RBK reported on Tuesday, citing data from the National Credit Ratings (NCR).
Revenue growth in the top ten regions came in at 27% versus the first half of last year, the report stated. The total surplus of these regions reached 1.4 trillion rubles ($23 billion), with total revenues of 4.37 trillion rubles ($71 billion).
These regions – the cities of Moscow and St. Petersburg; Moscow Region (covering the area surrounding the capital); Sverdlovsk Region; the Republics of Tatarstan and Yakutia; Krasnoyarsk and Krasnodar Regions; and the Yamalo-Nenets and Khanty-Mansi Autonomous Regions – were the leaders in terms of the absolute level of budget revenues. They accounted for 47% of the total revenues of the consolidated budgets of Russia’s 85 regions.
Overall, the intake to the consolidated budgets of the country’s regions in the first half of the year showed nominal growth of 24.8%. That’s largely due to the post-Covid recovery of economic activity in the period up to the end of the first quarter and high oil prices, Managing Director of the NCR Alexander Proklov explained to RBK.
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