MOSCOW, July 5. /TASS/. Russia’s budget deficit amounted to 2.402 trillion rubles ($26.4 bln) in the first quarter of 2023, revenues equaled 5.678 trillion rubles ($62.4 bln), while expenditures totaled 8.08 trillion rubles ($88.8 bln), according to an analytical note on federal budget execution in Q1 2023 released by the Accounts Chamber.

"Federal budget revenues totaled 5.678 trillion rubles, or 21.7% of projected total amount of revenues, with oil and gas revenues standing at 1.634 trillion rubles, or 18.3%, while non-oil and gas revenues equaling 4.043 trillion rubles, or 23.5%," the document reads.

Russia’s budget revenues went down by 20.7% in the reporting period year-on-year. Oil and gas revenues fell 1.8-fold, while non-oil and gas revenues slipped by 3.5%, the Accounts Chamber said. It mentioned a decrease in Urals oil prices, the ruble’s devaluation, a drop in tax revenues for the treasury and a one-off tax and fee refund to taxpayers in early 2023 among the reasons behind the decline in revenues.

Federal budget expenditures rose by 37.9% in the first quarter of this year compared with the same period of 2022.

Russia’s sovereign debt added 4% in the period to 23.725 trillion rubles ($261 bln), or 15.8% of GDP.

The National Wealth Fund (NWF) in the ruble equivalent totaled 11.906 trillion rubles ($131 bln) as of April 1, or 7.9% of GDP. It increased by 14.1% in Q1 2023, the Accounts Chamber said.