Russia's budget deficit reaches 3.3 trln rubles in 2022

Russia had a federal budget deficit of tentatively 3.3 trillion rubles or 2.3% of GDP in 2022, Russian Finance Minister Anton Siluanov said at a cabinet meeting.

"We overshot our revenue target last year, the total was just under 28 trillion rubles, or 2.8 trillion rubles less than we planned. This was mainly due to oil and gas revenue, thanks to higher energy prices, as well as to growth in non-oil revenues, including higher VAT as the result of increased demand in certain periods of last year," he said.

Prime Minister Mikhail Mishustin, opening the meeting, said budget spending exceeded 31 trillion rubles.

"We used the windfall to finance the expenditure, and we borrowed more on the financial market. Our budget deficit increased as a result and totaled 3.3 trillion rubles or 2.3% of GDP, Siluanov said.

He said the deficit would have been 1.8% of GDP had it not been for the spending to compensate extra-budgetary funds for deferred insurance contributions. "That is, less than 2% of GDP, as we planned," Siluanov said.