Russia's nine-month budget deficit exceeds full-year plan by 37% at $61B
Russia's federal budget deficit already reached 5.2 trillion rubles ($61.08B), or 2.2% of gross domestic product (GDP), overshooting the Kremlin’s original full-year target by 37%, Foreign Intelligence Service of Ukraine (FIS) reported on Oct. 18.
Russia's budget deficit for the first nine months of the year reached $61.08 billion, or 2.2% of GDP, exceeding the government's original annual target by 37%, according to the Ukrainian Foreign Intelligence Service. Russian officials had initially forecast a deficit of $44.59 billion, or 1.6% of GDP. The Ministry of Finance raised its deficit projection in September due to deteriorating economic conditions.
Federal government spending increased by 14.5% year-over-year, reaching $410.19 billion, while revenues grew by only 10% to $349.10 billion. Oil and gas revenues declined by 17.2% to $64.44 billion, while non-oil and gas revenues rose by 18.8% to $284.66 billion. Ukrainian intelligence reported that Russia continues to spend excessively, financing the deficit through debt and liquid reserves.
The situation is expected to worsen in 2025 as oil and gas receipts are expected to be at their lowest since the pandemic, exacerbating Moscow's fiscal challenges.
Written by urgent.news from New Voice of Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
