Russian Federation budget execution data for December has been released.
Revenue: +8%
Of which:
- Oil and gas: -43%
- Non-oil and gas: +33%
Expenses: -20%
Deficit: (-1,369 billion rubles) Last December, there was a deficit (-3,095 billion rubles)
1/
The most astonishing thing is that budget expenditures fell by 20% in December!!!!
This will lead to a significant slowdown in the entire economy!
2/
Budget revenues in December grew by 8% year-on-year.
I suspect they added some non-tax funds (fines, seizures, etc.) to the budget.
3/
Oil revenues fell by 43%, while non-oil revenues grew by 33%. This is nonsense. Tax revenues couldn't have grown so sharply. The Russians are lying.
4/
Budget spending plummeted by 20% in December.
This is the largest collapse in two years!
The entire budgetary boost to the economy was neutralized!
But I suspect that large-scale spending has been postponed until January 2026.
5/
The budget deficit in December was 1369 billion rubles, significantly less than the deficit in December 2024, which was 3095 billion rubles.
6/
By the end of 2025, the budget deficit had grown by 62% to 5,645 billion rubles, despite the fact that they had cut spending in December by 20%.
The budget is simply falling apart!
7/
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