FX.co ★ Russian Federal Budget Deficit Soars in Jan-March

The Russian Federal Government reported a budget deficit of RUB 2.17 trillion for the first quarter of 2025, equating to 1.1% of the national GDP. This marks a significant increase from the RUB 0.61 trillion deficit observed during the same timeframe in the previous year, as per preliminary figures from the finance ministry. In this period, government expenditures reached RUB 11.22 trillion, while revenues were at RUB 9.05 trillion. The government's fiscal target for 2025 aims to achieve a deficit of 0.5% of GDP, which amounts to RUB 1.17 trillion, in contrast to a shortfall of RUB 34 billion or 1.7% recorded in 2024.