Russia’s budget deficit improved by RUB 350 million in the first quarter of 2017, Russian Minister of Economic Development Maxim Oreshkin is quoted as saying by TASS news agency.

In the first quarter of 2016, Russia’s budget deficit totalled RUB 712.9 billion. Thus, the federal budget deficit totalled roughly RUB 362.9 billion in the first quarter of 2017.

“If we look at the budget execution for the first quarter, we see more than 50% growth in oil and gas revenue, which made it possible to end the first quarter with an improved budget balance of RUB 350 million”, Oreshkin said.