Page 85 - RusRPTJul24

6.0 Public Sector 6.1 Budget
Russia's federal budget deficit stood at RUB983bn ($11bn), or 0.5% of GDP, for the first five months of 2024, according to a preliminary estimate by the Ministry of Finance.
"The federal budget evolved as of the end of January-May 2024 with the deficit of RUB983bn ($11bn), which is RUBtwo trillion ($22.4bn) lower than in the like period of the last year," the Ministry stated on its website.
Budget revenues for the period amounted to RUB14.29 trillion ($160.4bn), marking a 45.5% increase y/y. Concurrently, expenditures rose by 18.9% to RUB15.27 trillion ($171.4bn).
The significant increase in revenues reflects a resilient economic performance amid challenging conditions, while the rise in expenditures highlights ongoing fiscal pressures. The Ministry of Finance's report underscores the government's efforts to manage the budget effectively, despite a substantial deficit reduction compared to the previous year.
As Russia begins discussions on its budget for 2025-2027, early assumptions that military spending would decrease have been called
85 RUSSIA Country Report July 2024 www.intellinews.com