Russia's Finance Ministry raises estimate for budget surplus 3.4-fold to 578.5 bln rubles in 9M owing to recalculating expenses

MOSCOW. Nov 28 (Interfax) - Russia's federal budget surplus totaled 578.5 billion rubles in January-September, the Finance Ministry said in updated data, having previously estimated the surplus at 169 billion rubles in the period.

The new estimate is contained in materials on the ministry's website.

The estimate of federal budget revenues was virtually unchanged at 26.285 trillion rubles in January-September versus the initial 26.289 trillion rubles. The Finance Ministry notes that the data are presented accounting for information received from the Federal Tax Service on amounts subject to offset against taxes and fees credited to the federal budget as part of the Unified Tax System. The Federal Treasury has said that revenues totaled 24.972 trillion rubles in 9M.

The expenditure estimate was reduced to 25.706 trillion rubles from 26.12 trillion rubles and coincided with the Treasury's previously provided data.

The Finance Ministry had previously estimated a deficit of 220 billion rubles in January-October. The Treasury later published its own data, indicating a surplus of 124.2 billion rubles.

The current year's budget law initially envisaged a deficit of 1.595 trillion rubles, or 0.9% of GDP, which was increased to 2.12 trillion rubles, or 1.1% of GDP, in the spring. When introducing the draft budget for the next three years, the Finance Ministry estimated possibly executing the budget at a deficit of 3.296 trillion rubles, or 1.7% of GDP, in the current year accounting for the government's right to increase total budget expenditures by up to 1.5 trillion rubles in 2024 without rendering the amendments via parliament.