German Finance Minister Christian Lindner said the country’s federal budget deficit will rise from 14 billion euros to 18 billion euros in 2024. The report is cited by Rheinische Post.
According to him, the revenues will reach 424 billion euros. Lindner noted that if additional expenditures are required, financing in other areas will have to be cut to cover the gap.
Earlier, the Ministry of Finance of the Russian Federation stated on its website that the state budget deficit in the first quarter of 2023 stood at 2.4 trillion rubles.
The report shows that the preliminary volume of federal budget expenditures for January through March 2023 amounted to 8.077 trillion rubles, a rise of 34 percent compared with the same period last year.
The Ministry of Finance also reported that the preliminary federal budget revenues for the same period in 2023 were 5.677 trillion rubles, which is 21 percent lower than revenues in the corresponding months of the previous year. The decline is linked to a drop in oil and gas revenues and to broader shifts in energy market dynamics.