(Finance) – The federal budget deficit of Russia stood at 2.4 trillion rubles in the first quarter of the year, due to large spending by Moscow and falling energy revenues.
This was announced by Ministry of Finance Russian adding that in the same quarter of 2022 Russia had recorded a surplus of 1.13 trillion rubles.
The total state revenue they decreased by 20.8% in the quarter compared to 2022, to 5.7 trillion rubles, due to a 45% decline in energy revenues, which fell to 1.64 trillion rubles.
There expense, however, increased by 34% to 8.1 trillion rubles. Increased military production and massive state spending have helped keep Russian industry alive and cushion the economic fallout from the Ukraine campaign and the impact of Western sanctions.