Fin Ministry: Russia’s Jan–July budget deficit at 1.8% of GDP

MOSCOW, Aug 8 (PRIME) -- Russia’s budget deficit amounted to 2.817 trillion rubles, or 1.8% of gross domestic product (GDP), in January–July, the Finance Ministry said on Tuesday citing preliminary data.

Revenue dropped by 7.9% on the year to 14.525 trillion rubles. Oil and gas revenue plunged by 41.4% to 4.193 trillion rubles in the period and non-energy revenue grew by 19.8% to 10.332 trillion rubles.

Spending grew by 14% to 17.341 trillion rubles.

The current budget says Russia’s budget deficit will amount to 2% of GDP, or 2.925 trillion rubles, at the end of 2023. The current dynamics of revenue and spending fall in line with the target parameters of the structural balance encompassed by the law, the ministry said.

(96.5668 rubles – U.S. $1)

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