According to preliminary data, the federal budget of Russia in January-July evaluation The Ministry of Finance of the Russian Federation gave a deficit of 2.817 trillion rubles. In seven months, the budget deficit reached 1.8% of GDP.
The Ministry of Finance has returned to re-publishing estimates of the size of the deficit/surplus in relation to the volume of GDP. The agency last provided such data in June 2021, after a nine-month hiatus. But later the ministry stopped doing this again. In July, the size of the budget deficit increased by 222 billion rubles.
Seven-month budget revenues amounted to 14.525 trillion rubles, which is 7.9% lower than in the same period of 2022.
Non-oil and gas revenues, on the other hand, increased by 19.8% compared to the previous year and reached 10,332 trillion rubles. The Ministry of Finance notes that the dynamics of the revenues of the largest non-oil and gas revenues (turnover taxes, income tax) of the federal budget, including in 2021, remain in a stable positive area.
Oil and gas revenues continued to decline in the January-July period. It amounted to 4.193 trillion rubles, down 41.4% year-on-year. The Ministry of Finance explained this with the high comparison base last year, the decline in oil quotations of Russian brand Urals, the fall in prices and the decrease in natural gas exports.
Core oil and gas revenues rose 31.4% to 4.59 trillion rubles. According to the Ministry of Finance, clarification of the mechanism for determining the base of “oil” taxes and lowering the relevant price reductions will lead to a further increase in tax revenues in the second half of the year.
Budget expenditures in the January-July period reached 17,341 trillion rubles. This is 14 percent more than the same period last year. According to the Ministry of Finance, the monthly dynamics in the execution of expenditures have reached the normal level.
With estimated Finance Minister Anton Siluanov said that Russia’s 2023 federal budget deficit will be 2-2.5% of GDP, but the exact amount will be determined in the third quarter.
formerly Siluanov said about pessimists and optimists.