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Russia’s Budget Shortfall Sums Up to 1.9% of its GDP in 2023

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Budget

Russia’s federal budget deficit amounted to 1.9 percent of the country’s GDP in 2023, or 3.24 trillion rubles (36.1 billion U.S. dollars), according to preliminary data by the Russian Finance Ministry on Thursday.

The ministry said the volume of federal budget expenditures in 2023 totaled 32.36 trillion rubles, a 4-percent year-on-year increase.

“According to preliminary estimates, the volume of federal budget revenues in 2023 amounted to 29.12 trillion rubles (324.5 billion U.S. dollars),” the ministry said in a statement, noting that the volume of revenues grew by 4.7 percent from 2022.

The ministry said non-oil and gas revenues amounted to 20.30 trillion rubles, a 25-percent increase compared with the previous year.

Oil and gas budget revenues fell by 23.9 percent from 2022 to 8.82 trillion rubles.

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