Russia increased its oil production by 2% to 535 million tons in 2022, President Vladimir Putin said on Tuesday.
Gas output dropped 11.8%, but due to high prices, exporters ended the year with profits, Putin said at a government meeting in Moscow.
鈥淏udget revenues increased 10% last year to 27.8 trillion rubles ($404.7 billion),鈥� he said.
鈥淏ut our expenses also increased, and at a faster pace, and exceeded 31 trillion rubles ($451.4 billion). As a result, the budget deficit amounted to 3.3 trillion rubles ($48.1 billion), or 2.3% of the GDP.鈥�
Inflation in Russia stood at 11.9% at the end of 2022, lower than the Central Bank鈥檚 projections, according to Putin.
He said taming inflation should be a priority for Russia鈥檚 financial managers, as it affects investments and directly impacts citizens.
He instructed officials to closely monitor the budget deficit to 鈥減reserve the sustainability of public finances.鈥�
Putin said Russia鈥檚 defense industry 鈥減icked up the pace last year鈥� and continues to support other sectors as it scales up its capacity.
By Elena Teslova in Moscow
Anadolu Agency
energy@aa.com.tr