Federal budget surplus amounted to 230 billion rubles in August - Government

The Russian government held a meeting at which the draft federal budget for 2024-2026 was discussed. The press service of the government reports details.

According to Prime Minister Mikhail Mishustin, the budget will solve the most important and large-scale tasks of the country’s development, fulfill social obligations, and support positive changes in the economy.

The Prime Minister noted that the economy is adapting to current challenges. At the end of August, the federal budget was executed with a surplus of about 230 billion rubles. The consolidated balance of the regions gave an additional 140 billion rubles. This was mainly due to a significant increase in non-oil and gas revenues. At the end of the last month of summer, they exceeded 1.82 trillion rubles, which is 56.5% more than last year. These figures were the result of the active development of the economy.

Overall, since January, the federal budget deficit has been below 1.5% of the expected level of GDP for the year. This allows us to expect that the federal budget will be executed this year with a deficit at the level of the initial forecast of 2% of GDP.

Mikhail Mishustin reported that economic growth has begun in Russia since the third quarter. The main contribution was made by industrial production. The manufacturing industry was the main driver over 7 months, with more than 6% growth. The production of computers, electronics, and optics resulted in more than 30%, and electrical equipment - over 20%. Good performance is observed in the metallurgical and food industries, clothing, plastic and rubber products, and furniture. Investment activity grew by 13% in the second quarter. It is expected that such processes will continue in the coming years.

Earlier, Bashinform News Agency reported the results of the Bashkiria economic development in the first half of 2023. The achieved indicators show that Western sanctions did not have a significant macroeconomic effect. The economy quickly recovered and presented recovery growth. In general, the republic’s industrial production index for the year's first half showed higher rates than the Russian average (+5.9% compared to last year).

Author: Roman Yakimchuk