Russian federal budget deficit amounts to 5.7 trln rubles or 2.5% of GDP in H1

MOSCOW. July 9 (Interfax) - According to preliminary data, Russia's federal budget was executed with a deficit of 5.731 trillion rubles or 2.5% of GDP in January-June 2026, the Finance Ministry said in its brief monthly update.

The budget law for the current year plans a deficit of 3.786 trillion rubles, or 1.6% of GDP. Finance Minister Anton Siluanov said that the deficit forecast may be somewhat increased.

The deficit amounted to 3.387 trillion rubles or 1.6% of GDP in January-June 2025.

The Finance Ministry does not disclose monthly figures. According to preliminary data from the ministry, the deficit amounted to 6.01 trillion rubles or 2.6% of GDP in January-May. Based on a comparison with these figures, there was a surplus of around 280 billion rubles in June. A month earlier, such a comparison of indicators indicated a deficit in May of 133 billion rubles. Data from the Federal Treasury for January-May, which were published later than the Finance Ministry's data, indicate a deficit for 5M of 5.927 trillion rubles; therefore, in comparison with this indicator, the surplus in June can be estimated at 196 billion rubles.

"The high deficit figures at the beginning of the year are mainly due to accelerated financing of expenditures," the ministry said.

Budget revenues increased 5.8% year-on-year in January-June and amounted to 18.622 trillion rubles. At the same time, positive dynamics are observed in terms of receipts of key non-oil-and-gas revenues of both the federal budget (+16.3% YoY) and the budget system as a whole (+12.7% YoY), the Finance Ministry said.

Non-oil-and-gas revenues increased 16.3% YoY to 14.961 trillion rubles. VAT receipts increased 22.6% to 8.584 trillion rubles.

Oil-and-gas revenues decreased 22.7% YoY in January-June and amounted to 3.661 trillion rubles, which is below their base amount for this period (3.825 trillion rubles), mainly due to lower oil prices in previous periods.

According to preliminary estimates, budget expenditures increased 16.1% YoY in H1 2026 to 24.353 trillion rubles. The accelerated dynamics of federal budget expenditure execution in 6M is due to the prompt conclusion of contracts and advance payments for certain contracted expenditures, the Finance Ministry said.