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Putin approves Russia's federal budget for 2016

The budget deficit will amount to around $33.4 bln, or 3% of GDP

© Mikhail Metzel/TASS

MOSCOW, December 15. /TASS/. Russia’s President Vladimir Putin has endorsed the law on federal budget for 2016.

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The document has been published at the website of legal information pravo.gov.ru.

The budget for 2016 envisages revenues of 13.738 trillion rubles ($195 bln) (17.5% of GDP) and spending of 16.099 trillion rubles (228 mln) (20.5% of GDP).

The budget deficit will amount to 2.36 trillion rubles ($33.4 bln), or 3% of GDP.

The budget was based on the inflation which does not exceed 6.4% (December 2016 against December 2015).

GDP is forecast at 78.673 trillion rubles ($1.114 trillion).

The standard value of the Reserve Fund is seen at 5.507 trillion rubles ($78 bln).

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