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Putin approves Russia's federal budget for 2016

December 15, 2015, 15:36 UTC+3 MOSCOW

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

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© Mikhail Metzel/TASS

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

The document has been published at the website of legal information

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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