By Emre Gurkan Abay and Mucahithan Avcioglu
MOSCOW/ISTANBUL (AA) - Russia's government budget deficit increased to 2.7 trillion Russian rubles ($31.45 billion) in the first two months of 2025, according to a statement by the Finance Ministry on Tuesday.
The deficit increased by 145% in the January-February period of 2025 compared to the same period of the previous year.
The country's budget revenues climbed 6.3% in the same period year-on-year, reaching $61.9 billion.
Meanwhile, budget expenditures soared 30.5% in the same period on an annual basis, totaling $93.4 billion.
Russia's non-oil and natural gas revenues totaled $44.4 billion, while oil and natural gas revenues amounted to $17.5 billion, according to the statement.
The budget deficit's ratio to the country's GDP was 1.7% in the same period.
The ratio is planned to be reduced to 0.5% by the end of this year in accordance with budget rules.
Budget expenditures in Russia have increased significantly in recent years, especially due to spending on the defense industry amid the war in Ukraine.