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Russia's budget deficit to reach $21 billion in 2016

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Staff writer ▼ | December 14, 2015
Russia's budget deficit is expected to reach 1.5 trillion rubles ($21.7 billion) in 2016 with an oil price baseline of $40 a barrel, Deputy Finance Minister Maxim Oreshkin said.
Moscow
Russia   Deputy Finance Minister Maxim Oreshkin:
In this projection, the deficit will constitute about 2 percent of GDP, and the ministry will have to be more conservative in its spending policy to maintain budget deficit margins of 3 percent GDP, Oreshkin said.

This deficit limit had previously been set by Russian President Vladimir Putin.

The Finance Ministry estimated Russia's GDP at 78.7 trillion rubles ($1.15 trillion) in the 2016 budget bill. Its previous deficit forecast, due to the oil price and falling ruble, was 1 trillion rubles ($14.4 billion).

Budget revenues were projected at 13.7 trillion rubles ($204 billion), with expenditures expected to reach 16 trillion rubles ($238 billion).


 

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