Russia Federal Budget Gap Balloons in January-October

2025-11-11 15:59 By Luisa Carvalho 1 min. read

The Russian Federal Government ran a budget deficit of RUB 4.2 trillion in the January-October period of 2025, or 1.9% of the GDP, way higher than RUB 0.2 trillion during the same period in 2024, according to preliminary data from the Finance Ministry.

The figure was below the government’s new 2025 target of 2.6% of GDP.

Total government spending climbed 15.4% year-on-year to RUB 34.1 trillion, while revenues increased at a much slower 0.8% to RUB 29.9 trillion.

Non-oil revenue grew 11% to RUB 22.425 trillion.

Sales tax revenue including VAT rose 5.8%, with VAT revenue up 6.2% to RUB 11.504 trillion.

Oil and gas revenue fell 21.4% to RUB 7.498 trillion, mainly due to a fall in the average oil price.



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