Monitoring Desk
MOSCOW: Russian President Vladimir Putin said on Sunday that Russia scaled up its oil production by 2 percent to 535 million tons last year.
Gas output dropped 11.8 percent, but due to high prices, exporters closed the year with profits, Russian President said at a government meeting in Moscow.
“Budget revenues increased 10 percent last year to $404.7 billion (27.8 trillion rubles),” he said.
“But during the same duration, our expenses also surged, and at a faster pace, and exceeded $451.4 billion (31 trillion rubles). Resultantly, the budget deficit amounted to $48.1 billion (3.3 trillion rubles), or around 2.3 percent of the GDP.”
Putin says inflation remain low
According to Putin, inflation in Russia stood at 11.9 percent at the end of 2022, lower than the projections of the Central Bank.
Putin said controlling inflation should be a top priority for Russia’s financial managers, as inflation affects investments and directly impacts our citizens.
He directed officials to closely monitor the budget deficit to protect the sustainability of public finances.
