Russian budget posts $23.4B deficit in January-August

Country's revenues, expenditures up 3.5%, 12%, respectively, year-on-year in 8-month period

By Emre Gurkan Abay

MOSCOW (AA) – Russia's budget posted a deficit of 2.3 trillion rubles (some $23.4 billion) in the first eight months of this year, official figures showed on Friday.

According to the Finance Ministry, Russia's budget revenues decreased 3.5% in the first eight months compared to the same period of last year and fell to 17 trillion rubles ($173.2 billion).

Budget expenditures, however, increased 12% to 19.3 trillion rubles ($196.7 billion).

The country's oil and natural gas revenues decreased 38.2%, while non-oil and natural gas revenues increased 24.2%.

Prime Minister Mikhail Mishustin said on Friday that the Russian economy has started to adapt to the difficult conditions and the budget posted a surplus of 230 billion rubles ($2.3 million) in August.

According to Finance Ministry forecasts, Russia is expected to run a budget deficit of 2.9 trillion rubles ($29.5 billion) by the end of the year.

*Writing by Gokhan Ergocun in Istanbul

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