28 Sep 2023 16:10

Russia's federal budget deficit should be 2% of GDP in 2023 or even less - Finance Minister

MOSCOW. Sept 28 (Interfax) - Russia's federal budget deficit should end up at the planned 2% of GDP in 2023, or even less, Finance Minister Anton Siluanov said during a briefing at the Moscow Financial Forum.

"Both oil and gas and non-oil and gas revenues have exceeded our planned targets, our planned parameters and expenses; we have the right to do this, so the budget deficit will definitely not exceed 2% of GDP, and could go lower. Everything will depend on the spending that remains through the end of the year. The deficit will not exceed our planned parameters," he said.

A deficit of about 2.9 trillion rubles, or 2% of GDP, is planned for 2023, the current budget law says.

In the January-August period, the budget was executed with a deficit of 2.361 trillion rubles, or 1.5% of GDP, preliminary Finance Ministry data show. Russian Prime Minister Mikhail Mishustin reported that in August the budget was executed with a 230 billion ruble surplus.

Mishustin also said, "A stable course towards positive changes allows us to count on the execution of the federal budget this year with a deficit at the level of the initial forecast of 2% of GDP."

Assistant to the President of the Russian Federation Maxim Oreshkin said that revenues to the Russian federal budget this year correspond to the upper level of forecasts, especially with regard to non-oil and gas revenues. At the end of 2023, the budget deficit will not exceed the 2% forecast, and could go even be lower, he said.