MOSCOW, Oct 9 (Reuters) - Russia's budget surplus for the first nine months of 2024 reached 169 billion roubles ($1.73 billion), representing 0.1% of the gross domestic product (GDP). This marks a significant recovery from a deficit of 331.4 billion roubles just a month prior and a deficit of 0.8% of GDP during the same period in 2023.
The Finance Ministry attributed this surplus to a 49.4% increase in oil and gas revenues, driven by higher oil prices, which exceeded previous forecasts. Total budget revenues rose by 33.2% year-on-year, amounting to 26.3 trillion roubles, with non-energy revenues also seeing a substantial increase of 26.9%.
The ministry has submitted next year's draft budget to parliament and adjusted this year's figures, raising spending by 7.5% compared to initial plans, predicting a full-year deficit of 1.7%. The anticipated increase in state spending during the last quarter of the year, particularly in December, is expected to account for 34% of the total annual expenditure. This surge in spending could lead to inflationary pressures in early 2025 and may delay the central bank's monetary tightening measures.