The situation of Russia's federal budget is “stable”, said Russian President Vladimir Putin at a meeting devoted to economic issues in the Kremlin. They were invited to them, among others The premiere of Mikhail Miszustina and head of the central bank Elwira Nabi3lina.
“Revenues not related to oil and gas […] In January-July, they increased by 14 percent. year to year, reaching a total of 14.8 trillion rubles [ok. 678 mld zł]” – cited Putin's statistics. He added that the collection of turnover taxes increased by 6.7 percent year on year, and VAT – by 6.9 percent.
According to the Ministry of Finance, at the end of July, the federal budget deficit amounted to 4 trillion 879 billion rubles [ok. 223 mld zł] – by 340 percent more than the same day a year earlier.
While expenses increased by 21 percent, revenues – only by 3 percent. As a result, the “hole” amounted to 19 percent. budget size, i.e. Almost every fifth ruble issued by the government remained without tax revenues.
Initially The budget assumed a deficit of only 0.5 percent. GDPi.e. 1.2 trillion of rubles [ok. 55 mld zł]. Then the plan was increased to 3.8 trillion rubles [ok. 174 mld zł]. However, this limit did not manage to keep.
To implement the deficit plan, The Ministry of Finance must reduce budget expenditure in August-December by 11.5 percent. in nominal terms or by almost 20 percent In real terms, which, according to analysts, from the MMI channel on the telegram is impossible. According to their estimates, by the end of the year, the budget deficit can reach 8 trillion rubles [ok. 366 mld zł].
Vladimir Jerremkin from the Institute of Economic Research of the Russian Academy of National Economy and Public Administration provides a budget deficit of 6-9 trillion rubles at the end of the year [ok. 274-412 mld zł]. Simultaneously The government may review the budget for the second time this yearas he told the newspaper “Wedomosti” a representative of the Ministry of Finance.
The government has now started Preparation of the budget for 2026 and 2027-28as Putin reminded at an economic meeting. It will be “focused on solving strategic tasks, including of course, improving the quality of life of people, developing the social sphere, infrastructure, strengthening the state's defense abilities.”
