Finance ministry: Russia’s Jan–Nov budget deficit at 0.5% of GDP

MOSCOW, Dec 8 (PRIME) – Russia’s federal budget deficit amounted to 878 billion rubles or 0.5% of the country’s gross domestic product (GDP) in January–November, the Finance Ministry said in a statement on Friday.

The current budget envisages a deficit of 2.925 trillion rubles, or 2% of GDP, at the end of 2023.

“Dynamics of budget revenue and financing of budget spending in January–November of this year shows that the federal budget is being implemented in compliance with the target parameters of a structural balance formalized in the law on budget,” the authority said.

Budget revenue rose by 4.8% on the year to 25.963 trillion rubles in January–November with the non-energy revenue showing consistent positive dynamics, while budget spending grew by 11.7% to 26.841 trillion rubles in the period.

The ministry expects spending to remain within the budget parameters and the additional non-energy revenue to fall in line with the budget rule, which should ensure stability of the primary budget deficit.

(92.5654 rubles – U.S. $1)

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