budget deficit in January-July amounted to 2.817 trillion rubles, or 1.8% of GDP – Kommersant
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The federal budget deficit in January-July amounted to 2.817 trillion rubles. or about 1.8% of GDP, follows from the preliminary estimates Ministry of Finance of Russia. In July, the budget deficit increased by 222 billion rubles. The estimate of the federal budget deficit (surplus) to Russia’s GDP was last published by the Ministry of Finance in June 2021.
The Ministry of Finance reports that the volume of budget revenues for the seven months of 2023 amounted to 14.5 billion rubles, which is 7.9% lower than in the same period last year. Budget revenues excluding the oil and gas sector increased in annual terms by 19.8% – up to 10.3 billion rubles, follows from the ministry’s estimate.
Oil and gas revenues in January-July decreased year-on-year by 41.4%, dropping to 4.19 billion rubles, the Ministry of Finance reports. The ministry said that this was due to the decline in the price of Urals, the reduction in the price of gas and the reduction in its exports, as well as the high comparison base of last year.
According to the preliminary estimate of the Ministry of Finance, the volume of budget expenditures for the reporting period amounted to 17.3 billion rubles, which is 14% more than last year.
According to the forecasts of the Ministry of Finance, by the end of 2023, the deficit will be from 2% of GDP – 2 trillion 925.3 billion rubles. To finance expenses and pay off debt obligations, the Ministry of Finance plans to borrow 3.5 trillion rubles on the market.
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