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Surplus federal budget projected for 3Q 2023, Russian presidential aide says

It is noted that the government has managed to stabilize the budgetary situation after 1Q’s high deficit triggered by advance appropriations of expenses and the introduction of consolidated tax accounts

MOSCOW, August 14. /TASS/. Russia will have a surplus federal budget in 3Q 2023, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS, adding that the full-year budget balance is expected to come in at the targeted level of 2% of GDP.

"The federal budget demonstrated a deficit of 0.3 trln rubles ($2.9 bln) for the second quarter, following a 2.1 trln ruble ($20.9 bln) deficit in 1Q 2023. A surplus budget is expected for the third quarter, whereas the budget balance for the full year is expected to be at around the planned level of 2% of GDP," he said.

The government has managed to stabilize the budgetary situation after 1Q’s high deficit triggered by advance appropriations of expenses and the introduction of consolidated tax accounts, Oreshkin noted.

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