In the same quarter of 2022 Russia posted a surplus of 1.13 trillion roubles, but since then significant outlays to support its military campaign in Ukraine and a wall of Western sanctions on its oil and gas exports have hit government coffers.
The finance ministry stopped publishing monthly budget fulfilment data last year. But based on Friday’s figures, Russia posted a surplus in March of 181 billion roubles, improving on deficits of 821 billion roubles in February and 1.76 trillion roubles in January.
Spending accelerated 34% in the quarter to 8.1 trillion roubles, the preliminary data showed. Rising military production and huge state spending have helped keep industry buzzing and softened the economic impact of the campaign in Ukraine and of Western sanctions.
In March spending growth slowed, however, rising 4.2% year-on-year compared with the 33.9% jump in February.
Overall government income was down 20.8% in the quarter compared with 2022 at 5.7…
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