Finance
Russia's budget deficit widens to $34.4 billion after late spending spree
Published by Global Banking & Finance Review®
Posted on January 20, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 20, 2025
1 min readLast updated: January 27, 2026
Russia's budget deficit hit $34.4 billion in 2024, with increased spending on military and security. Revenue and spending both rose sharply.
(Reuters) - Russia recorded a budget deficit of more than 3 trillion roubles for the third year running in 2024, the finance ministry said on Monday, with both spending and revenue rising sharply compared with 2023 as Moscow ploughed economic resources into the war in Ukraine.
According to the ministry's preliminary estimate, the overall deficit stood at 3.49 trillion roubles ($34.39 billion), with total revenues increasing 26% year on year to 36.71 trillion roubles and spending climbing by 24.2% to 40.19 trillion roubles.
The shortfall narrowed as a percentage of gross domestic product to 1.7% from 1.9% in 2023, the data showed.
Moscow expects spending this year to increase to 41.47 trillion roubles, of which 41% will be spent on the army, police and secret services. Rising tax revenues are seen narrowing the fiscal deficit to 0.5% of GDP.
($1 = 101.4955 roubles)
(Reporting by Darya Korsunskaya and Alexander Marrow; Editing by Alison Williams)
Russia's budget deficit for 2024 is reported to be 3.49 trillion roubles, which is approximately $34.39 billion.
Total revenues for Russia increased by 26% year on year, reaching 36.71 trillion roubles.
The budget deficit represents 1.7% of Russia's gross domestic product, down from 1.9% in 2023.
Moscow expects spending to increase to 41.47 trillion roubles in 2024, with 41% allocated to the army, police, and secret services.
The article mentions that $1 is equivalent to 101.4955 roubles.
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