Higher oil prices and increased tax payments have helped the Russian government narrow its budget shortfall, which early this year was threatening to be far wider, with some economists expecting a deficit of as much as 5% of GDP.
“Additional non-oil and gas revenues are coming in, the economy is working and growth rates allow us to talk about higher budget revenues,” Siluanov said.
The deficit for January-October stood at 1.24 trillion roubles ($13.82 billion), or 0.7% of GDP, the finance ministry said earlier this month. Russia’s 2023 budget plan envisages a deficit of 2.93 trillion roubles, or 2% of GDP.
($1 = 89.7230 roubles)
Source: Economy - investing.com
