Russia's January budget deficit estimated at 1.76 trillion rubles, 60% of plan - Finance Ministry

MOSCOW. Feb 6. (Interfax) - Russia's federal budget showed a deficit of 1.776 trillion rubles in January according to preliminary data, which was 14 times the 125 billion ruble deficit in January last year and amounted to 60% of the total year plan for 2023 of 2.925 trillion rubles, the Finance Ministry said on its website.

Revenues in January were 1.356 trillion rubles, 35% less than revenues received a year earlier. Oil and gas revenues were 426 billion rubles, down 46% from January 2022. This is primarily due to a decrease in prices for Urals crude and a decrease in natural gas exports, the ministry said. Non-oil revenues were 931 billion rubles, down 28%, due primarily to a decrease in domestic VAT and income tax revenues.

Budget expenditures in January were 3.117 trillion rubles, 59% higher than in the same period last year. The acceleration of financing at the beginning of the year is mainly due to the prompt conclusion of contracts and advance financing for certain contracted expenses, the Finance Ministry said. This will also ensure a more even federal budget cash expenditure throughout 2023.