Russian budget deficit stands at USD3.6B in January-August period
(MENAFN) For the period from January to August 2024, Russia's budget deficit stood at 331 billion rubles, equivalent to approximately USD3.6 billion. This shortfall comes amidst a period where the country’s total budget revenues amounted to 23.03 trillion rubles, or about USD255.46 billion. In contrast, budget expenditures during the same period reached 23.36 trillion rubles, approximately USD259.12 billion, highlighting a significant imbalance between income and spending.
A breakdown of the revenues reveals that non-oil and non-gas sources contributed 15.47 trillion rubles, which translates to around USD171.6 billion. In comparison, revenues from oil and gas sources totaled 7.55 trillion rubles, roughly USD83.75 billion. This disparity underscores the substantial role that oil and gas revenues play in Russia’s overall budgetary framework, despite the growth in non-oil and non-gas income.
Looking at the previous fiscal year, Russia's budget deficit for 2023 was considerably larger, amounting to 3.24 trillion rubles, or about USD35.94 billion. This earlier figure highlights a broader trend of fiscal challenges faced by the country, driven by substantial spending relative to its revenues, particularly in the context of fluctuating global energy prices and economic sanctions.
The current deficit of 331 billion rubles reflects ongoing economic pressures and the need for strategic adjustments in fiscal policies to manage the balance between revenue generation and expenditure effectively. As Russia continues to navigate these financial challenges, monitoring the evolution of budgetary dynamics will be crucial for understanding the country's economic stability and policy adjustments.
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