Russian budget deficit narrows to 0.3% of GDP in Q1 - Finance Ministry

MOSCOW. April 8 (Interfax) - Russia's federal budget deficit narrowed to 607 billion rubles or 0.3% of GDP in the first quarter of 2024 from 2.086 trillion rubles or 1.2% of GDP in the same period of last year, the Finance Ministry reported.

The deficit was 1.130 trillion rubles in the first two months of 2024, according to revised treasury data. The Finance Ministry's preliminary deficit estimate of 1.474 trillion rubles for the two months was revised because January budget expenditures were reduced to 6.158 trillion rubles from 6.499 trillion rubles.

Budget revenues rose 53.5% to 8.719 trillion rubles in the quarter from 5.679 trillion rubles a year earlier, while spending increased by 20.1% to 9.326 trillion rubles from 7.765 trillion rubles.

The ministry attributed the accelerated financing of expenditures in February-March in part to prompt signing of contracts and advance financing for certain contractual expenditures.