Russia Witnesses Ruble Budget Shortfall
(MENAFN) Russia’s budget recorded a shortfall of 3.4 trillion rubles (approximately USD43.2 billion) during the initial five months of the year, primarily driven by decreasing oil prices, according to official data published on Tuesday.
The Finance Ministry of Russia reported that the nation’s budget revenues increased by 3.1 percent compared to the same timeframe last year, totaling 14.7 trillion rubles in the first five months.
However, during this period, government spending surged by 20.7 percent, reaching 18.1 trillion rubles.
This sharp rise in expenditures contributed to the overall budget deficit of 3.4 trillion rubles.
The ministry’s statement highlighted that "non-oil and gas revenues amounted to 10.5 trillion rubles," while "oil and gas revenues reached 4.2 trillion rubles," reflecting the split in revenue sources.
It further pointed out that the budget deficit corresponded to 1.5 percent of the country’s GDP, attributing the shortfall mainly to various spending commitments in January alongside the decline in oil and natural gas prices.
In recent years, Russia’s budgetary outlays have increased considerably, largely due to elevated defense expenses linked to the ongoing conflict in Ukraine.
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