Russian Finance Ministry reveals budget deficit numbers

Russia’s federal budget deficit, according to the preliminary estimate by the Russian Finance Ministry, amounted to 3.41 trillion rubles ($41.9 bln) in January-May 2023, according to a statement published on the ministry’s website.

"According to a preliminary estimate, the volume of federal budget revenues in January-May 2023 amounted to 9,818 billion rubles ($121 bln), which is 19% lower than the volume of revenues for the same period in 2022 (in May 2023 + 1.2% year-on-year). 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 statement sreads.

Previously, the volume of federal budget expenditures for the five months of 2023 amounted to 13.229 trillion rubles ($162 bln), exceeding the figures for the same period last year by 27%, the ministry said. Thus, the budget deficit for the reporting period reached 3.41 trillion rubles.