Page 134 - RusRPTAug24

6.1.1 Budget dynamics - results
Russia’s federal budget deficit amounted to RUB929bn ($10.6bn), or half a percent of GDP projected for this year, in January-June 2024, according to preliminary figures, the Finance Ministry reported.
"In January-June 2024 the federal budget was running a deficit amounting to RUB929bn, which is RUB1.421 trillion lower than in the same period last year. Consequently, the federal budget is executed in accordance with parametres of primary structural deficit determined by the law on the budget, while transactions on use/formation of funds of the National Wealth Fund are carried out within the fiscal rule mechanism," the report said.
Budget revenues have grown, among other things, due to the weakening of the ruble and inflation, which inflates the expenses of the population and business, says Anton Tabakh, chief economist at Expert RA. Federal budget revenue growth will continue, but will be more restrained in the second half of the year, experts believe. It will amount to about 10% in annual terms due to the low base of last year.
Budget revenues amounted to RUB17.093 trillion ($195bn) in the reporting period, which is 38% higher than last year. Expenditures gained 22.3% to RUB18.022 trillion ($205bn).
The ministry also noted that execution of instructions on implementation of the
134 RUSSIA Country Report August 2024 www.intellinews.com