7 August 2024

The Russian federal budget deficit has grown in the first seven months of 2024 compared to the previous month’s rates, owing to higher expenditure and reduced income.

Source: The Moscow Times, with reference to the message of the Russian Ministry of Finance 

Details: According to the study, the budget deficit for January-July was 1.36 trillion roubles, or 0.7% of the country’s GDP.

The data over six months show that expenses outpaced revenues by 929 billion roubles. This represents 0.5% of Russia’s GDP.

At the same time, the budget deficit remains over half that of the first seven months of 2023, when it was 2.6 trillion roubles, or 1.5% of GDP, following Western sanctions imposed in reaction to Russia’s full-scale invasion of Ukraine, which resulted in a dramatic drop in Russia’s energy income.

Background: Due to restrictions imposed on the local financial system, Russian governmental institutions and state-owned firms are having difficulty paying salaries to personnel abroad.

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https://www.pravda.com.ua/eng/news/2024/08/7/7469354