The Ministry of Finance has no plans to change the estimate of the budget deficit this year
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The Russian Ministry of Finance adheres to the previous estimate of the federal budget deficit at 2% of GDP this year and has no plans to change it yet, Finance Minister Anton Siluanov told reporters.
“For the time being, we adhere to those plans for the budget deficit, which are approved by the law on the budget, i.e. 2% of GDP,” he said.
At the same time, Siluanov did not rule out adjustments in the future, pointing out that the budget year had just begun.
According to the current budget law, revenues for 2023 are planned in the amount of 26.1 trillion rubles, expenses – 29 trillion, thus, 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.
How wrote earlier than Vedomosti, federal budget revenues amounted to 5.7 trillion rubles. according to the results of January-March 2023, which is 21% lower than the first quarter of 2022. The decrease is due to a decrease in income from energy exports, the Ministry of Finance explained then.
The deficit in the first quarter of 2023 amounted to 2.4 trillion rubles. after 2.6 trillion rubles. in January-February. In the first quarter of 2022, the budget was executed with a surplus of 1.1 trillion rubles.
Oil and gas revenues amounted to 1.6 trillion rubles, showing a decrease of 45% yoy. This is due to a decrease in prices for Urals oil, as well as a reduction in natural gas exports. The Ministry of Finance expects that the reduction of discounts on Russian oil will ensure a gradual recovery of budget oil and gas revenues. At the same time, non-oil and gas revenues amounted to 4 trillion rubles, which is 4% lower than in the first quarter of last year. For VAT, the budget received funds in the amount of 2.7 trillion rubles, for income tax – 0.3 trillion. rub.
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.
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