MOSCOW (Pakistan Point News / Sputnik - 08th August, 2023) The Russian budget deficit for January-July amounted to 1.8% of the GDP or 2.8 trillion rubles ($29 billion), the Finance Ministry said on Tuesday.
For the same period last year, the budget deficit was 0.4% of GDP. The ministry also said that the "dynamics of the execution of Federal budget expenditures has reached a normal level."
"According to preliminary estimates, the volume of federal budget expenditures for 7 months of 2023 amounted to 17,341 billion rubles, exceeding the figures for the same period last year by 14% y/y (+2.3% y-o-y since the beginning of the second quarter of 2023)," the ministry said in a statement.
In addition, the ministry said that oil and gas revenues of the Russian budget decreased by 41.4% in January-July, while non-oil and gas revenues increased by 19.8% in the same period.
"Non-oil and gas revenues of the federal budget amounted to 10,332 billion rubles and increased by 19.8% year-on-year," the ministry said, adding that oil and gas revenues amounted to 4.1 billion rubles.
