Russian ministry predicts budget deficit to hit $48 billionStaff Writer | October 4, 2016
The Russian Finance Ministry predicts that the country's budget deficit may reach 3 trillion rubles ($48 billion) in 2016, according to a document published on the Official Internet-Portal of Legal Information site.
Russia Federal budget was 2.6 percent in deficit
According to the document, the ministry has reduced revenues by 370 billion rubles ($5.9 billion) to 13.3 trillion rubles ($210 billion).
It has also increased the expenditures by over 300 billion rubles (4.8 billion) to 16.4 trillion rubles ($260 billion), said the document.
In 2015, Russia's federal budget was 2.6 percent in deficit, amounting to some 1.9 trillion rubles ($30 billion), according to the ministry. The federal budget has come under increasing pressure from falling oil prices and a falling GDP growth rate throughout 2015.
Russian President Vladimir Putin has ordered the Finance Ministry to control the budget deficit within 3 percent of the GDP in 2016.
In the first half of the year, the budget deficit amounted to 3.7 percent of the GDP, said the ministry. ■