Russia's budget deficit to be 1.1% of GDP in 2024 instead of previously approved 0.9% of GDP - bill
MOSCOW. June 3 (Interfax) - Russia's Finance Ministry has raised its estimate for the federal budget deficit to 2.120 trillion rubles in 2024, or 1.1% of GDP, from 1.595 trillion rubles, or 0.9% of GDP, as currently approved, and the corresponding draft amendments to the budget law for 2024 and the planning period for 2025-2026 have been submitted to the State Duma.
Consequently, the revenue estimate has been lowered from 35.065 trillion rubles, or 18.3% of GDP, to 35.062 trillion rubles. Meantime, the forecast for additional oil and gas revenues has been lowered from 1.821 trillion rubles to 1.053 trillion rubles.
Expenditures should exceed the parameters approved by law at 37.182 trillion rubles, or 19.4% of GDP, instead of 36.66 trillion rubles.
The upper limit of the federal domestic debt has been raised to 26.680 trillion rubles from 26.637 trillion rubles, while the external debt has been reduced to $63 billion from $64 billion, or $56.7 billion from $57.6 billion.
The new budget parameters are based on a GDP forecast of 191.437 trillion rubles and inflation of 5.1% for the current year versus the previous outlook of 179.956 trillion rubles and 4.5%.