Page 63 - RusRPTDec22

NWF year end balance RUB trillion
12.49
12.64
13.47
Source: Ministry of Finance
6.1.1 Budget dynamics - results
Russia’s finance ministry said in October 2022 Russia recorded a small budget surplus (RUB 74bn) thanks to an extra infusion of cash from a special tax on Gazprom (RUB416bn). The bottom line for the full year is still positive.
October’s budget sported a RUB74bn ($1.2bn) surplus thanks to extra Gazprom tax after four months of deficit, according to preliminary budget figures for 10M22 released by the Finance Ministry.
The total federal budget revenues were reported at RUB22.2tn – still 8% higher than over 10M21.
Russia’s budget revenues increased 10% y/y in 9M22. Speaking at a government meeting, Russia’s prime minister Mishustin said that oil and gas revenues showed a 37% y/y growth in 9M22, while non-oil & gas revenues contracted only 4% y/y. In line with that, budget expenditures were 5.5% y/y higher than 9M21 with their execution at 70% of the full-year target, hence, budget surplus was at 0.2% GDP.
The monthly data reveals a noticeable weakening in budget positions since July. Despite the authorities reported strong budget positions in 9M22, there are several issues with these budget figures.
63 RUSSIA Country Report December 2022 www.intellinews.com