Page 87 - RusRPTApr24

Central Bank of Russia monthly macro survey for March 2024
6.1.1 Budget dynamics - results
The budget retained the practice of making advances at the beginning of the year. According to the Ministry of Finance, federal budget expenditures in February sharply accelerated to 3.2 trillion rubles. (RUB 2.7 trillion in January), which is a significant deviation from the seasonal norm. The Ministry of Finance explains this by advances on government contracts (which last year fell in January) and maintains the expenditure guideline for 2024 at RUB 37.0 trillion. The Bank of Russia has repeatedly noted that from the point of view of the impact on aggregate demand and the potential reaction of monetary policy, the overall size of budget expenditures is important, and not their distribution throughout the year. However, the risks that budget spending at the end of the year will be more than planned remain. At the end of 2023, expenses and the deficit of the consolidated budget amounted to 59.1 and 3.9 trillion rubles. Respectively.w
Russia's revenues from the sale of oil and gas in February jumped by more than 80% compared to the previous year, amounting to more than $10bn due to the increase in crude oil prices. The Russian Ministry of Finance reported on March 15 that tax revenues from oil and gas last month amounted
87 RUSSIA Country Report April 2024 www.intellinews.com