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Russian finance ministry preliminarily estimates budget deficit in 1H at $28 bln

Preliminarily federal budget expenditures totaled 14.976 trillion rubles ($163.38 bln) in the first six months of 2023, up by 19% year-on-year, according to the ministry

MOSCOW, July 7. /TASS/. Russia’s federal budget deficit in January-June preliminarily amounted to 2.59 trillion rubles ($28.24 bln), according to files released by the Finance Ministry on Friday.

"According to preliminary estimates, federal budget revenues in January-June 2023 amounted to 12.38 trillion rubles, which is 12% lower than the volume of revenues received in the same period in 2022 (+29.8% in January 2023 year-on-year). Meanwhile stable positive dynamics is registered on key non-oil and gas revenues received, both by the federal budget and the budget system overall," the ministry said.

Preliminarily federal budget expenditures totaled 14.976 trillion rubles ($163.38 bln) in the first six months of 2023, up by 19% year-on-year, according to the ministry. That brings budget deficit in the reporting period preliminarily to 2.59 trillion rubles.

Russia’s oil and gas revenues fell by 47% in January-June year-on-year to 3.38 trillion rubles ($36.92 bln), which is related to last year’s high base, a decrease in the Urals oil price, a fall in prices and the contraction of natural gas export volumes, the ministry noted. "The monthly dynamics of oil and gas revenues is gradually reaching the trajectory in line with their base level (8 trillion rubles, or $87.3 bln, per year)," the ministry said.

Non-oil and gas revenues of the federal budget equaled 8.999 trillion rubles ($98 bln), up by 17.8% in annual terms. "The dynamics of the highest non-oil and gas federal budget revenues received has moved to the stably positive territory, particularly compared with the level of 2021 (as the one less exposed to statistical base effects)," the ministry said, adding that overall, the volume and trajectory of non-oil and gas revenues received in January-June 2023 demonstrate a notable excess of dynamics envisioned as budget law was drafted.

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