Russia's budget posts deficit of $34.5B in 2024

By Emre Gurkan Abay

MOSCOW (AA) - Russia's Finance Ministry reported that the country's budget posted a deficit of 3.49 trillion rubles (about $34.5 billion) last year.

The Russian Finance Ministry stated on Monday that budget revenues increased by 26% last year compared to 2023, reaching 36.7 trillion rubles ($363.4 billion).

In this period, budget expenditures increased by 24.2% to 40.19 trillion rubles ($397.9 billion).

The Russian government's budget expenditures are expected to exceed 41 trillion rubles in 2025 ($405.9 billion).

Russia's budget has seen a deficit of 3.24 trillion rubles ($32 billion) in 2023.

Experts point to increased military spending due to the Ukraine war as the main reason for the budget deficit of Russia, one of the world's largest energy exporters.

*Writing by Gokhan Ergocun from Istanbul