Russia had federal budget deficit of 220 bln rubles or 10% of GDP in 10M - Finance Ministry

MOSCOW. Nov 7 (Interfax) - Russia had a federal budget deficit of 220 billion rubles or 10% of GDP in January-October 2024, according to preliminary data, the Finance Ministry said in its monthly brief.

There was a surplus of 169 billion rubles according to the ministry's preliminary estimate in 9M. The Federal Treasury later published its own data, according to which there was a deficit of 734 billion rubles in 9M. There could have been a deficit of 389 billion rubles in October going by the Finance Ministry's preliminary estimate for 10M.

Federal budget revenues jumped 28.4% year-on-year to 29.668 trillion rubles in January-October.

Non-oil and gas revenues increased 26.6% to 20.129 trillion rubles. Revenues from turnover taxes, including VAT, increased 15.8% for 10 months and exceeded the planned level, the Finance Ministry said.

Oil and gas revenues grew 32.3% to 9.539 trillion rubles, mainly owing to growth in prices for Russian oil. Basic oil and gas revenues were at 8.373 trillion rubles.

Expenditures increased 23.7% to 29.889 trillion rubles.

The government has received the right to bypass parliament and increase overall federal budget spending in 2024 by up to 1.5 trillion rubles. As a result, the deficit will widen to an estimated 3.296 trillion rubles, or 1.7% of GDP, for the year. The budget originally envisaged a deficit of 1.595 trillion rubles or 0.9% of GDP, which was increased to 2.12 trillion rubles or 1.1% of GDP in the spring. Deputy Finance Minister Vladimir Kolychev has said the Finance Ministry was expecting a deficit of up to 1.7% of GDP.