Oil and gas revenues accelerated in July 2023

Federal budget revenues for January-July 2023 decreased by almost 8% compared to the same period last year to 14.5 trillion rubles, the Finance Ministry said. At the same time, expenses increased by 14%. The budget deficit amounted to 2.8 trillion rubles. At the same time, the Ministry of Finance returned to assessing the deficit in relation to GDP. The indicator was 1.8%. The agency last cited such an indicator in June 2021 after a nine-month pause for the duration of the pandemic. Income from the sale of energy resources decreased by 41% over seven months and amounted to 4.2 trillion rubles.

Non-oil and gas revenues grew by almost 20% to 10.2 trillion rubles. VAT revenues in January-July increased by 20%, while income tax decreased by 1% compared to the corresponding period in 2022. From the press release of the Ministry of Finance, it follows that the dynamics of receipt of the largest non-oil and gas revenues of the federal budget remains stable. The Ministry of Finance emphasizes the positive dynamics of non-oil and gas revenues, “including the level of 2021 (as less subject to statistical base effects)”.