Russia Posts Surge in Budget Deficit
The ministry reported that revenues in the January–November period edged up 0.7% from a year earlier, reaching 32.9 trillion rubles. Expenditures, however, climbed far more rapidly — up 12.5% — pushing total spending to 37.2 trillion rubles.
According to the statement, non-oil and natural gas revenues amounted to 24.9 trillion rubles, while oil and gas income came in at 8 trillion rubles.
Officials underlined that the current deficit equals 1.6% of GDP and is projected to widen to 2.6% by year-end.
Budget spending has expanded sharply in recent years, driven in large part by increased allocations for the defense sector. At the same time, sanctions on European energy markets have significantly reduced Russia’s access to its traditional buyers of oil and natural gas.
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