Russia’s budget deficit has dropped to 1.7 trillion rubles since the beginning of the year

The federal budget deficit in January-September this year amounted to 1.7 trillion rubles. (1% of country’s GDP), should from preliminary estimates of the Ministry of Finance. In early September, the ministry reported a deficit of 2.36 trillion rubles.

The volume of budget revenues for nine months amounted to 19.7 trillion rubles, which corresponds to the volume of revenues for the same period in 2022, the department notes. “At the same time, in terms of the receipt of key non-oil and gas revenues – both the federal budget and the budget system as a whole – there is a steady positive trend,” the report says.

Oil and gas revenues amounted to more than 5.5 trillion rubles. (decrease by 34.5% y/y). The Ministry of Finance explained this by the high comparison base of last year, a decrease in prices for Urals oil at the beginning of the year, as well as a decrease in prices and a reduction in natural gas export volumes.

At the same time, the monthly dynamics of such income remains at a level “significantly exceeding their base size” (8 trillion rubles per year). Non-oil and gas revenues amounted to about 14.15 trillion rubles. and increased by 26%.

“The dynamics of receipt of the largest non-oil and gas revenues of the federal budget (turnover taxes, income tax) remains in a consistently positive area,” the ministry added.

For January-August, the federal budget of the Russian Federation was executed with a deficit of 1.5% of GDP – 2.36 trillion rubles. At the same time, the Ministry of Finance noted the normal dynamics of expenses, as well as their increase by 12%, to 19.35 trillion rubles.

The deficit in July was marked at 2.81 trillion rubles, or 1.8% of GDP. Budget revenues then amounted to 14.52 trillion rubles. – this is 7.9% lower than in the same period last year.