The Russian budget deficit continued to decline

The federal budget deficit decreased in September to 5.19 trillion rubles, or 2.2 percent of GDP, according to a preliminary assessment of the document’s implementation for the nine months of 2026 published by the Ministry of Finance.

Thus, the Russian budget deficit continued to decrease, having decreased by more than a trillion rubles in two months (in July it was 6.45 trillion rubles, and in August - 5.8 trillion), but still exceeds the 3.79 trillion predicted by the department at the end of the year.

“In general, for the year the size of the federal budget deficit is expected to be within 3.2 percent of GDP. At the same time, the expansion of the structural deficit this year is being financed, mainly without resorting to additional borrowing on the OFZ market,” the department commented.

State budget expenditures in January-September amounted to 34.83 trillion rubles (an increase year-on-year by 14.5 percent), and revenues - 29.64 trillion (+10 percent to 2025 levels). Non-oil and gas revenues of the Russian Federation increased by January-August last year by 18.8 percent, to 24.17 trillion rubles, while oil and gas revenues decreased by 17.2 percent, to 5.47 trillion.