FX.co ★ Russia’s Budget Balance Swings to Deficit in Jan-Sept

The Russian Federal Government reported a budget shortfall of 3.8 trillion rubles for the January to September period of 2025, equivalent to 1.7% of the nation's GDP. This contrasts sharply with the surplus of 0.2 trillion rubles recorded during the same timeframe in 2024, as per preliminary figures released by the Finance Ministry. The deficit figure falls below the adjusted government target for 2025, which was recently increased to 2.6% of GDP from an earlier estimate of 1.7%, as outlined in budget drafts submitted to parliament the previous month. During this period, total government expenditure surged by 19.5% year-over-year, reaching 30.7 trillion rubles, while revenues rose at a much more modest pace of 2.5%, amounting to 26.9 trillion rubles.