The budget deficit in January approached 2 trillion rubles

According to the results of January 2023, the federal budget was executed with a deficit of 1.76 trillion rubles, follows from a preliminary estimate of the Ministry of Finance. Revenues amounted to almost 1.4 trillion rubles, which is 35% lower than in January last year.

Oil and gas revenues in annual terms decreased by 46%, to 426 billion rubles. First of all, this is due to a decrease in quotations for Urals oil and a decrease in natural gas exports, the ministry explained. Non-oil and gas revenues also turned out to be lower than in January 2022 – by 28%, amounting to 931 billion rubles.

This year’s income estimate has been adjusted, according to a press release from the Finance Ministry. Since, due to the transition to the single tax payment (STP) mechanism, the procedure and terms for paying taxes have changed since January 1, the transfer and distribution of funds to budgets took place, including in the first days of February. Data on cash execution of tax revenues as of February 1, 2023 did not include all tax payments. In order to increase the representativeness and comparability of data on the execution of income in January 2023, the Ministry of Finance decided to take into account the unallocated funds of the ETP as of February 1 in income for January – as if all tax payments were credited and distributed to budgets in the month of their payment by taxpayers.

At the same time, budget expenditures amounted to 3.1 trillion rubles, exceeding the figures for the same period last year by 59%. Thus, in the first month of 2023, almost 11% of spending was spent – in total, according to the law on the federal budget, the Ministry of Finance planned 29 trillion rubles. spending this year. In January last year, almost 2 trillion rubles were spent. of the 23.7 trillion originally planned, that is, just over 8%.

Such spending dynamics at the beginning of 2023 is mainly associated with the prompt conclusion of contracts and advance financing for certain contracted expenses, the Ministry of Finance pointed out: this, among other things, will ensure a more even cash execution of budget expenditures throughout the year.

Thus, the budget deficit in January amounted to 1.8 trillion rubles. Preliminary estimates of the execution of the federal budget in January correspond to the dynamics laid down in the formation of the main characteristics for 2023 in the framework of the law on the budget, the Ministry of Finance noted. Together with the use/formation of NWF funds, in the event of a deviation in the size of oil and gas revenues from their base level, it ensures the stability of the budget system and strengthens Russia’s macroeconomic and financial stability, the ministry added.

According to the current budget law, revenues for 2023 are planned in the amount of 26.1 trillion rubles, expenses – 29 trillion, so the deficit is expected at the level of 2.9 trillion, or 2% of GDP. Borrowings in the domestic market should become the main sources of its coverage. At the same time, this year, to ensure a balanced budget, it is possible to use the funds of the National Wealth Fund in the amount of 2.9 trillion.

At the end of 2022, the budget was executed with a deficit of 3.3 trillion rubles. instead of the originally planned surplus of 1.3 trillion rubles: revenues amounted to almost 28 trillion rubles, and expenses – more than 31 trillion rubles.