OREANDA-NEWS The Russian economy is recovering better than expected. This statement was made by the Deputy Minister of Finance of the Russian Federation Vladimir Kolychev.

"In general, we see that the economic recovery, which was actually observed in the fourth quarter of last year, and in the third quarter, is on a more rosy trajectory than the government forecasts. We see by non-oil and gas revenues, oil and gas-of course, this is a separate story – just prices and the exchange rate, " said Kolychev.

He stressed that the growth of revenues in the non-oil and gas sector is noted even in comparison with the pre-pandemic year of 2019.

"In real terms, our main taxes are growing by 5-10% annually, that is, by 2021 compared to 2019, taking into account the fact that two years have already passed. This applies to all key taxes: VAT, payroll taxes-personal income tax, insurance premiums, and income tax, " the Deputy finance minister said.

Kolychev added that it makes sense to talk if not about the overheating of the current economy, then about very rapid growth.

As for the budget deficit, the speaker stressed that by the end of the year this figure will be less than the planned 2.4% of GDP. This will be achieved thanks to oil prices. According to the forecast, the price of a barrel was supposed to be $ 45.3, while in January – April the price was $ 60.47.