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Russia’s exact budget deficit to become clear in 3Q, says finance minister

According to Anton Siluanov, the deficit may reach 2-2.5% of GDP

MOSCOW, 31 July. /TASS/. Russia’s federal budget deficit in 2023 will equal 2-2.5% of GDP, but the precise figure will be known only in 3Q of this year, Finance Minister Anton Siluanov said in an interview with TASS.

"The deficit may be exceeded - according to estimates, it will reach 2-2.5% of GDP. It will be clearer in the third quarter," Siluanov said.

At the same time, the minister stated that such an excess is not critical.

"Everything depends on the amount of money we spend throughout the year. On the one hand, we notice that our oil and gas revenues are lower than expected. Nevertheless, the basic level of 8 trillion rubles will be reached. On the other hand, non-oil and gas companies are growing 18% faster than expected. As a result, this year will be stable for us," Siluanov stated.

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