Russia's budget deficit widens to 3.7% of GDP in first quarterStaff writer ▼ | April 15, 2016
Russia's federal budget deficit amounted to 712.9 billion rubles ($10.8 billion), or 3.7% of the country's gross domestic product in the first quarter of 2016, the Russian Finance Ministry said.
Russia The Russian Finance Ministry said:
The Russian economy has plunged into recession since 2014 amid the drop of global oil prices and Western sanctions imposed over Moscow's alleged intervention in the Ukraine crisis.
But Russia's federal finances were relatively robust with low sovereign debt and the budget deficit had been controlled within 3 percent of its GDP, proportionately less than that in a number of European Union states. ■