Published on: 2026-10-06
Source: Moscow Government – Правительства Москвы –
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The Expert RA agency published the results of the latest rating action regarding Moscow. The main factors that determined the city’s high creditworthiness were its developed economy, favorable investment climate, balanced budget, and low debt burden. This was reported by Elena Zyabbarova, Minister of the Moscow Government, head of the Moscow Department of Finance.
“Moscow has again been assigned the highest credit rating, which indicates the resilience of the budgetary system of the Russian capital, the stability of its revenue base, and a high level of socio-economic development. The city’s economy is diversified and represented by a wide range of sectors, the most significant of which are manufacturing, the IT sector, trade, services, construction and architecture, and financial and credit activities. At the same time, about a quarter of the capital’s revenue base is formed from receipts from small and medium-sized enterprises. Moscow has the necessary resources to timely fulfill financial obligations and ensure a high level of budgetary investments in infrastructure,” said Elena Zyabbarova.
Positive dynamics
This year, Moscow’s revenues continue to show positive dynamics. The key growth drivers are high-tech manufacturing, the construction industry, transport, and provision of services to the population. Among the main sources of budget income, receipts from personal income tax and corporate profit tax are increasing.
The agency emphasized that Moscow is the largest economic center of the country. The city accounts for about 22 percent of the total gross regional product (GRP) of all subjects of the Russian Federation. By the end of 2025, the volume of Moscow’s GRP is preliminarily estimated at 44.7 trillion rubles, which is 1.7 percent higher than the 2024 level. Continued economic growth of the capital is expected by the end of the current year.
The city’s investment attractiveness remains high. The ratio of capital investment volume to GRP has been at least 20 percent over the past three years. In 2025, investments increased by almost three percent compared to the previous year.
Balance of the city budget
The agency’s analysts also note that one of the key factors affecting the rating was the balanced nature of Moscow’s budget. It is characterized by a high degree of autonomy. Thus, in 2025, 97.8 percent of revenues came from tax and non-tax receipts — they increased by 6.4 percent compared to 2024. The steady increase in tax and non-tax revenues continues into 2026.
The Moscow budget maintains continuity in the allocation of expenditure directions. About half of all funds are directed by the city towards ensuring social protection for residents and updating social infrastructure. By the end of 2025, the development budget share amounted to over 46 percent of the capital’s expenditure side. These funds provide financing for the Targeted Investment Program, as well as renovation programs housing stock, landscaping work, and equipment procurement.
The budget deficit in 2025 was covered from own sources without attracting borrowed funds on the financial market. In the current year, commercial borrowings are also not planned.
Due to the scheduled repayment of municipal bonds, the state debt of the capital has decreased by 10.4 billion rubles since the beginning of 2026. The city’s debt burden is significantly lower than the maximum limits set by budget legislation. The ratio of the amount of state debt to the amount of its own annual revenues is 3.3 percent.
According to experts, the debt burden does not affect Moscow’s financial stability. The capital meets all its obligations on time and in full, and debt servicing expenses in 2025 amounted to 0.2 percent of the budget’s tax and non-tax revenues.
Even more news about the capital’s budget can be found on the portal “Open Budget of the City of Moscow”, in the national messenger “Max” and Telegram channel.
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A large-scale project is presented on the mos.ru portal special project, dedicated to the development of key areas of Moscow. Among them are transport, industry, healthcare, education, sports, and the construction sector. The special project helps to learn how the capital has changed in recent years, what initiatives aimed at making citizens’ lives even more comfortable are currently being implemented, and what awaits Moscow and its residents in the near future.
On the project page “Economy” You can learn about the main indicators of the capital’s economic growth, its drivers and prospects, as well as which indicators can be achieved this year.
Quickly get the main news on the official channels of the city of Moscow in messengers “Max” and “Telegram”.
Please note; This information is raw content obtained directly from the source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.