Russia had budget deficit of 331.4 bln rubles in Jan-Aug

MOSCOW. Sept 6 (Interfax) - Russia had a federal budget deficit of 331.4 billion rubles in January-August 2024, according to the Finance Ministry's preliminary estimates reported in a monthly brief.

The deficit was 0.2% of GDP. Budget amendments project a deficit of 2.12 trillion rubles or 1.1% of GDP for the year.

The Finance Ministry's updated data indicate that the budget was executed at a deficit of 1.098 trillion rubles in 7M 2024 versus the ministry's preliminary estimate of 1.362 trillion rubles, meaning that there was a preliminary surplus of 767 billion rubles in August.

Revenues totaled nearly 23.029 trillion rubles and expenses totaled around 23.36 trillion rubles in 8M 2024.

The non-oil and gas deficit totaled 7.887 trillion rubles.

Oil and gas revenues totaled 7.555 trillion rubles and non-oil and gas revenues totaled 15.474 trillion rubles in January-August.

The Finance Ministry's revised estimate indicates that the deficit totaled 602.4 billion rubles in H1 2024, accounting for information on amounts subject to offset against taxes and fees transferred to the federal budget as part of the unified tax rate mechanism, meaning that the deficit totaled 496 billion rubles in July.

According to the Finance Ministry's preliminary estimate, federal budget revenues for 8M 2024 were up 35.5% from same period of 2023.

Non-oil and gas revenues were up 27.3% from a year ago. Revenues from turnover taxes, including VAT, increased by 15.5% in January-August and were above target, which creates a good foundation for further accelerated revenue growth.

In general, the amount and trajectory of revenue from the largest non-oil and gas taxes for January-August indicate the dynamic factored into the formulation of the budget law is being exceeded, the Finance Ministry said.

Oil and gas revenues surged 56.2% year-on-year, primarily on the back of higher prices for Russian oil. These revenues were higher than the baseline amount and, according to the parameters of the socioeconomic development forecast, oil and gas revenues are expected to continue to exceed the baseline level in subsequent months, the ministry said. Baseline oil and gas revenue was 6.648 trillion rubles.

Spending rose 22.2% year-on-year in 8M.