Amid a decline in spending, the Russian budget deficit is shrinking

The budget deficit narrowed in May to 0.5 percent of GDP, from 0.8 percent the previous month, amid monthly spending falling to its lowest level this year.

Total spending is still sharply higher compared to 2023, rising 18.9 percent from January to May, with Moscow allocating huge financial resources to the defense sector for the war in Ukraine.

The ministry said, citing preliminary data, that the deficit in the first five months of the year reached 983 billion rubles ($11.04 billion), compared to 3.03 trillion rubles in the same period in 2023 and a decrease from 1.48 trillion rubles in the period from January to April this year. . (Sky News Arabia)

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