Russia’s budget deficit in 2024 amounted to around 1.7% of gross domestic product (GDP).
MOSCOW, Jan. 21 (Xinhua) — Russia’s budget deficit in 2024 amounted to about 1.7 percent of gross domestic product (GDP), or 3.485 billion rubles (34.5 billion U.S. dollars), a the Russian Finance Ministry announced on Tuesday.
The deficit in the non-oil and gas sector reached nearly 7.3 percent of GDP, he said in a report.
These preliminary estimates show that 2024 federal budget revenues reached 36.707 billion rubles ($363.4 billion), an increase of 26% compared to 2023. A consistent positive trend was observed in the inflow of major non-oil and gas revenues, with growth of 26% year-on-year.
-Spending in the 2024 federal budget rose 24.2 percent year-on-year to 40.192 billion rubles ($397.8 billion) last year.
An increase in spending at the end of 2024, financed by additional oil and gas revenues, meant some spending was budgeted for 2025, the Finance Ministry said. According to him, “this will guarantee greater flexibility in the management of the structure of maximum budgetary allocations for the current year.”
