Russian MinFin revises Q1 budget deficit to 2.1 trillion from 2.4 trillion rubles

MOSCOW. May 22 (Interfax) - Russia had a federal budget deficit of 2.086 trillion rubles in Q1 2023, according to an adjusted figure, down 314 billion rubles from the preliminary estimate of 2.4 trillion rubles.

The amount of spending in the quarter was adjusted, according to Finance Ministry data: the preliminary estimate of 8.077 trillion rubles was adjusted to 7.765 trillion rubles.

The revenue estimate was revised marginally, from 5.677 trillion rubles to 5.679 trillion rubles.

There was a budget deficit of 3.4 trillion rubles for January-April, according to a preliminary estimate. The planned deficit for the year is 2.9 trillion rubles. The April deficit was 1.314 trillion rubles, given the adjustments made for Q1.

Budget figures for January-February were also revised. They indicate that the deficit for the period was 2.379 trillion rubles, down 202 billion rubles from the estimate of 2.581 trillion rubles originally disclosed in March. It follows that there was a budget surplus of 293 billion rubles for March.

Revenue for the first two months of the year was 3.164 trillion rubles, adjusted from 3.163 trillion rubles, and expenditure was 5.543 trillion rubles, adjusted from 5.744 trillion rubles.

The January deficit was adjusted to 1.649 trillion rubles from 1.776 trillion rubles, revenue to 1.357 trillion rubles from 1.356 trillion rubles and expenditure to 3.006 trillion rubles from 3.117 trillion rubles.

According to the E-Budget website, budget sending as of May 18 was 12.072 trillion rubles and revenue was 7.96 trillion rubles before the preceding month's single tax account revenue, received after the 25th of each month. The deficit was 4.11 trillion rubles.

The budget law targets federal budget revenues of 26.130 trillion rubles, spending of 29.056 trillion rubles and a deficit of 2.925 trillion rubles for 2023.