Russia recorded a budget deficit of more than 3 trillion rubles for the third year in a row in 2024, the finance ministry said on Monday. Spending and revenues rose sharply compared to 2023 as Moscow devoted economic resources to the war in Ukraine.
According to the ministry's preliminary estimate, the overall deficit stood at 3.49 trillion rubles ($34.39 billion), with total revenue increasing 26 percent year-on-year to 36.71 trillion rubles and spending increasing by 24.2% to 40.19 trillion rubles.
The deficit, expressed as a percentage of gross domestic product, increased from 1.9% in 2023 to 1.7% in 2023, the data showed.
Moscow expects spending to rise this year to 41.47 trillion rubles, 41 percent of which will go to the army, police and secret services. The increase in tax revenue should help reduce the budget deficit to 0.5% of GDP.
-(1 $ = 101,4955 roubles)
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