The federal budget of Russia in January-February 2023 turned out to be in deficit. According to preliminary estimates of the Ministry of Finance, the deficit amounted to 2.581 trillion rubles, reported on the official website of the ministry.
Federal budget revenues for the first two months of 2023 were tentatively estimated at 3,163 billion rubles, which is a quarter lower than revenues in the same period in 2022.
Oil and gas revenues in January-February amounted to 947 billion rubles, down 46%. The Ministry of Finance attributed this to a decrease in Urals oil prices and a decrease in gas exports.
Non-oil and gas revenues amounted to RUB 2,217 billion, down 9% year-on-year.
The Ministry of Finance announced the normalization of the dynamics of turnover tax receipts after a temporary reduction in January, which was associated with an accelerated VAT refund procedure.
Federal budget expenditures in January-February 2023, according to preliminary data, amounted to 5,744 billion rubles. Budget expenditures in the first two months of 2023 were 52% higher than in January-February last year.
“The acceleration of expenditure financing in early 2023 is mainly due to the rapid conclusion of contracts and the advance financing of certain contracted expenditures,” – explained in the ministry.
