The federal budget deficit in 2022 reached Br3.3 trillion, said the head of the Ministry of Finance Anton Siluanov, writes Forbes. This figure has become one of the largest in the history of Russia.

“The federal budget of the Russian Federation in 2022, according to preliminary data, is executed with a deficit of 3.3 trillion rubles, or 2.3% of GDP,” he said at a government meeting.

The annual budget deficit of 3.3 trillion rubles became one of the largest in Russia’s history. It was bigger only in 2020, when the coronavirus pandemic began and the country was imposing related restrictions. Then it reached Br4.1 trillion.

In 2022, Siluanov noted at a government meeting, the revenue plan was exceeded by Br2.8 trillion and amounted to almost Br28 trillion thanks to the high energy price environment and the growth of non-oil and gas revenues. At the same time, budget expenditures exceeded Br31 trillion.

“We used additional resources for the purpose of financing expenditures, also increased the volume of raising funds from the financial market,” said Siluanov.