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New York Times: Russia reports $47 billion budget deficit for 2022

by The Kyiv Independent news desk January 11, 2023 5:49 AM 1 min read
This audio is created with AI assistance

On Jan. 10, the Russian government reported its second highest budget deficit in the post-Soviet era. The New York Times reported citing Russia's finance minister that the budget gap reached 3.3 trillion rubles in 2022, or 2.3 percent of the Russian economy. "Russia’s revenues increased by 2.8 trillion rubles in 2022, or $40 billion, but that was not enough to cover rapidly increasing expenditures, which skyrocketed by 6.4 trillion rubles, or $92 billion," officials said.

The Russian government has not published a detailed breakdown of its expenditures in 2022, but it is widely assumed that the bulk of the rise can be attributed to increased military spending.

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