Tax & Spend
Russia Shrinks Budget Deficit a Little as Spending Growth Slows
- Deficit declined to $29.4 billion in March, spending grew 4.2%
- Finance Ministry sees budget shortfall staying within target
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Russia’s huge budget deficit shrank as spending slowed in March, even as the war in Ukraine continued to hammer the government’s revenue.
The fiscal shortfall decreased to 2.4 trillion rubles ($29.4 billion) at the end of March from 2.58 trillion in the first two months of the year, data published Friday by the Finance Ministry showed. Spending growth slowed to 4.2% in March after surging by about 50% in February as a result of accelerated expenditures early in the year, the ministry said.