Kazakhstan
Kazakhstan reported budget revenues of $9.5 billion and expenditures of $11.8 billion in the first quarter of 2024, resulting in a $2.3 billion deficit. This marks an increase from the same period in 2023, where revenues were $9.6 billion, expenditures were $11.5 billion, and the deficit was approximately $1.9 billion, indicating a 24.2% rise in the deficit.
Russia
Russia saw its budget deficit significantly decrease. In the first quarter of 2024, Russia’s budget revenues totaled $96.1 billion, with expenditures at $99.4 billion, leading to a $3.3 billion deficit. This is a substantial improvement compared to the same period in 2023, when the budget deficit was $28.7 billion, with revenues at $78.1 billion and expenditures at $106.8 billion, reflecting an 85.8% reduction in the deficit.
Kyrgyzstan
Kyrgyzstan achieved a budget surplus, with revenues of $900 million and expenditures of $800 million, resulting in a $100 million surplus. This is an improvement from the first quarter of 2023, where both revenues and expenditures were $800 million, resulting in a balanced budget.
Armenia
Armenia maintained a balanced budget in the first quarter of 2024, with both revenues and expenditures at $1.3 billion. This is a shift from the same period in 2023, when Armenia had a budget surplus of nearly $200 million, with revenues of $1.2 billion and expenditures of $1.1 billion.
Revenue and Expenditure Analysis
The Eurasian Economic Commission noted that value added tax (VAT) constituted a significant portion of budget revenues, ranging from 27% to 47%, along with other revenue sources contributing 31% to 54%. Notably, Armenia saw an increase in the share of income tax, while Kyrgyzstan experienced a rise in VAT contributions. In Russia, excise taxes had a negative impact due to reverse excise taxes on petroleum raw materials with a damping component.
