Page 92 - RusRPTJul23

6.1.1 Budget dynamics - results
Russia’s budget deficit amounted to 3.411 trillion rubles in January–May,
the Finance Ministry said on Tuesday citing preliminary data. Revenue dropped 19% on the year to 9.818 trillion rubles. Oil and gas revenue plunged 50% to 2.853 trillion rubles, and non-oil and gas revenue grew 9% to 6.965 trillion rubles. Budget spending soared 27% to 13.229 trillion rubles.
The rate of state spending is gradually slowing. Spending is slowing, but remains high. The Finance Ministry has said that, from January through May 2023, spending was up 27% on the equivalent period last year (reaching 13.2 trillion rubles). While monthly spending dynamics are approaching normal levels, they are still a long way from seasonal norms. The accumulated year-end deficit remains about 3.4 trillion rubles — above the 2.9 trillion rubles allowable under budget rules.
92 RUSSIA Country Report July 2023 www.intellinews.com