2023 Russian Federal Budget Deficit: Ministry of Finance Preliminary Estimates and Analysis

2024-01-11 13:58:00

Preliminarily, the federal budget deficit of the Russian Federation for 2023 is estimated at more than 3.2 trillion rubles. This became known from the data of the Ministry of Finance of the Russian Federation.

“According to preliminary estimates, the federal budget deficit in 2023 exceeded 3.2 trillion rubles,” reported on the official website of the Ministry of Finance. They added that expenses amounted to regarding 32.3 trillion rubles, and income – 29.1 trillion rubles. It is noteworthy that expenses exceeded last year’s figures by 4%, and revenue increased by 4.7%.

As a percentage of GDP, the budget deficit decreased from 2.1% in 2022 to 1.9%. The Ministry of Finance also noted the positive dynamics of non-oil and gas revenues to the budget, which over the past year increased by 25%, while oil and gas revenues decreased by 23.9%. The surplus in the amount of 800 billion rubles will be transferred to the National Heritage Fund, the ministry concluded.

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