The rf's Seven-Month Budget Deficit Exceeded the Plan Fourfold

In January–July 2025, russia’s federal budget deficit reached $61 billion (2.2 % of GDP) against the planned $14.66 billion. After the April budget changes, the government expected $47.4 billion, but the actual figures exceeded even this forecast.

The 18.5 % – to $69 billion – decrease in oil and gas revenues was caused by the strengthening of the ruble and the decline in world oil prices. An additional factor was the failure to meet the revenue plan: the average annual ruble exchange rate ($85.9 for 1 dollar) turned out to be significantly stronger than the budgeted $94.3. Expenditures for the first seven months increased by 20.8 % to $314.9 billion.

Non-oil and gas revenues increased by 14 % to $185 billion, but this is not enough to compensate for export losses. By the end of the year, the deficit could reach $75 billion. The official GDP growth forecast has been revised downward from 2.5 % to 0.5–1 %.