Page 57 - RusRPTAug23

6.1.1 Budget dynamics - results
Russia’s budget went back into profit in May with a negligible gain, but in June revenues surged to RUB815bn ($8.7bn) monthly surplus. That has shaved almost RUB1 trillion off the cumulative deficit and taken the overall sum back to Rub2.6 trillion, or under 2% of GDP target set by the Russian Ministry of Finance’s target for the whole year.
Much uncertainty remains, but it’s starting to look a lot more likely that Russia is on course to hit the Ministry of Finance’s goal of keeping the federal budget deficit to under 2% of GDP by the end of this year. (chart)
The Russian federal budget has put in a series of disastrous results in the last year.
Russia’s federal budget ended last year with a deep deficit of RUB3.3 trillion, or 2.3% of GDP, more than the ministry’s 2% target, although Russian Finance Minister Anton Siluanov said that with technical adjustments the final figure was actually 1.8% of GDP.
And the budget got off to a really bad start this January as well, posting a RUB1.7 trillion deficit – its biggest short fall in over a decade for a January.
The federal budget deficit then went on to hit its full year target of RUB2.9 trillion, or 2% of GDP, after the first ten days of March and since then grew to
57 RUSSIA Country Report August 2023 www.intellinews.com