Russian federal budget revenue fell to 2.85 trillion rubles in Nov - MinFin data

MOSCOW. Dec 8 (Interfax) - Russian federal budget revenue fell in November compared with October 2023 amid a deteriorating commodities market situation, according to Finance Ministry data.

The ministry said on Friday morning that federal budget revenue for January-November was 25.963 trillion rubles, or 4.8% higher than a year previously. The ministry does not give figures for a specific month, but it has said revenue was 23.1107 trillion rubles for January-October, so it would have been about 2.85 trillion rubles for November alone. Revenue was around 3.37 trillion rubles in October, according to the cumulative data that the ministry published earlier.

Oil and gas revenue was 8.226 trillion rubles for 11M and, given that it was 7.21 trillion rubles for 10M 2023, it would have been just over 1 trillion rubles in November alone, compared with just over 1.6 trillion rubles, according to estimates, for October.

The MinFin has said Urals crude averaged at $1.52/bbl in October and $72.84 in November.

Non-oil and gas revenue rose 25.6% to 117.737 trillion rubles. "Receipt of the main non-oil and gas revenues - sales taxes, income tax - remains firmly in positive territory, including with respect to 2021, which is less susceptible to statistical base effects," the ministry said.

Profit tax revenue grew 12.2% to 1.74 trillion rubles.

Federal budget expenditures for 11M amounted to 26.841 trillion ruble, up 11.7% year-on-year and up 4.8% from the beginning of the second quarter, which the MinFin mentions separately because financing for some contracted expenditures was accelerated in 9M 2023.

The January-November federal budget deficit is already known: Russian President Vladimir Putin gave it at the "Russia Calling!" investment forum organized by VTB on Thursday. The MinFin quoted the same figures, 878 billion rubles or 0.5% of GDP, on Friday morning.

The planned 2023 budget deficit is about 2.9 trillion rubles, or 2% of GDP. Finance Minister Anton Siluanov said at the end of September that the deficit could be less than 2%, and President Putin gave an even more optimistic estimate of around 1% at the beginning of October. The 1% estimate still stood at the end of November, according to Siluanov's most recent remarks.