off-the-wire

CORRECTED-Russia swings to $29 bln first-quarter budget deficit

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects to show it swung to deficit from surplus a year earlier, not that deficit widened)
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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.


MOSCOW, April 7 (Reuters) - Russia's federal budget swung to a first-quarter deficit of 2.4 trillion roubles ($28.93 billion) as Moscow continued spending heavily and energy revenue fell, the finance ministry said on Friday.


In the same quarter of 2022, Russia posted a surplus of 1.13 trillion roubles.


Rising military production and huge state spending are keeping Russia's industry buzzing along, helping soften the economic impact of Western sanctions and allowing Moscow to plough on with its campaign in Ukraine. ($1 = 82.9500 roubles) (Reporting by Darya Korsunskaya and Alexander Marrow Editing by Jason Neely and David Goodman)

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