Russian budget surplus 0.4% of GDP in 9M - Siluanov

MOSCOW. Nov 28 (Interfax) - Russia had a federal budget surplus of 0.4% of GDP in January-September 2024, Finance Minister Anton Siluanov said at a cabinet meeting.

Prime Minister Mikhail Mishustin, opening the meeting, said revenue exceeded expenditure by almost 580 billion rubles, due to firm growth of revenues from non-resource industries and from the oil and gas sector.

"Budget execution is stable, all obligations have been fulfilled for the first nine months of the current year; the budget was executed with a surplus of 0.4% of GDP in annual terms," Siluanov said.

The budget's execution was influenced by the economic situation, with the growth rate for 9M standing at 4.2%, above the initial forecast of 4%, he said. The revised budget plan's expenditures were fulfilled nearly 68%, which is one of the best budget execution figures in recent years, Siluanov said.

It is important to maintain the rate of financing for measures planned in the budget until the end of the year, and subsequently when executing the budget in the next three-year period, Mishustin said.

Earlier on Thursday, the Finance Ministry updated its budget execution data for 9M 2023 on its website, saying the federal budget surplus totaled 578.5 billion rubles, the previous estimate being 169 billion rubles.

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.