In January 2023, Russia’s federal budget ran a deficit of 1.776 trillion rubles, which is 14 times higher than in January last year. data The Ministry of Finance. This is more than half of the planned deficit for the current year.
The ministry explains that the increase in the budget deficit last month was almost three times the increase in federal budget expenditures compared to the year (3.1 trillion rubles). Another reason is that the VAT revenues collected internally are almost halved.
According to preliminary estimates, the volume of budget revenues in January amounted to 1.356 trillion rubles (-35% compared to January last year).
“Oil and gas revenues amounted to 426 billion rubles and decreased by 46% until January 2022, mainly due to the decrease in Ural oil quotations and the decrease in natural gas exports,” the statement said. Message The Ministry of Finance.
Non-oil and gas revenues amounted to 931 billion rubles (-28%).
Budget expenditures, on the other hand, increased by 59 percent compared to the same period of 2022 and amounted to 3.117 trillion rubles.
Among other things, spending on public procurement increased more than five times to reach 1.3 trillion rubles. In the Ministry of Finance, the acceleration of expense financing in the first month of 2023 is associated with the rapid conclusion of contracts and advance financing for certain contractual expenses.
Internal VAT revenues decreased by 44% compared to January 2022 to 379 billion rubles, as an expedited procedure for its repayment was initiated in April. As a result, quarterly compensation volumes were redistributed for the first month of the quarter. In addition, the Ministry of Finance attributed the decrease in income tax revenues to the repayment of excess tax payments in previous periods.
liquid part of FNB
On February 6, Finance Minister Anton Siluanov said that the liquid part of Russia’s National Wealth Fund is now about 6 trillion rubles.
“If we talk about the liquid part [ФНБ]then about 6 trillion rubles,” he said.
The Minister stressed that, despite possible risks, sanctions and falling hydrocarbon prices, the fulfillment of all planned obligations to the citizens of the Russian Federation and the country remains the duty of the ministry.
Earlier, the Ministry of Finance reported that the volume of NWF as of January 1 was 10.43 trillion rubles. That’s 7.8% of GDP estimated last year.
The NWF is the part of the federal budget that is subject to separate accounting and management to cover the deficit of the Russian budget and pension fund, as well as to co-finance Russian voluntary retirement savings. It consists of oil and gas revenues (at a higher than planned price) and revenue from oil and gas production taxes and oil export taxes.