Russia's budget deficit to reach $21 billion in 2016Staff 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.
Russia Deputy Finance Minister Maxim Oreshkin:
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). ■