Russia’s federal budget deficit for the first half of 2024 amounted to RUB929bn ($10.6bn), or just 0.5% of GDP, well below the 0.8% of GDP forecast for the full year according to preliminary figures released by the Finance Ministry on July 9. (chart) ‘In January-June 2024 the federal budget was running a deficit amounting to RUB929bn, which is RUB1.421 trillion lower than in the same period last year. Consequently, the federal budget is executed in accordance with parametres of primary structural deficit determined by the law on the budget, while transactions on use/formation of funds of the N…
