Non-oil and gas revenues account for federal budget majority

The Russian Finance Ministry reported that non-oil and gas revenues account for two-thirds of federal budget revenues. Preliminary revenues in January–November 2024 amounted to 32.65 trillion rubles. Of these, 22.3 trillion rubles were non-resource revenues, an increase of almost 26% year-on-year. Revenues from turnover taxes and VAT increased by 16.6% over nine months.

Revenues from oil and gas sales amounted to 10.34 trillion rubles. Growth compared to January–November 2023 also amounted to almost 26% and was higher than planned.

According to the “budget rule,” oil and gas revenues replenish the National Welfare Fund.

Federal budget expenditures for January–November 2024 amounted to over 33 trillion rubles. The deficit amounted to 389 billion rubles, 359 billion less than the previous period. By the end of the year, the deficit is expected to be 1.7% of GDP.

In general, in 2024, the volume of federal budget expenditures is formed based on a deficit of 3.1 trillion rubles, the Finance Ministry recalled. Earlier, the department named the main items of federal treasury expenditure for 2025-2027.

Author: Elina Akhmetova