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Russia’s 2016 budget deficit amounts to 3.5% of GDP in 2016

Previously the Ministry expected the federal budget deficit for 2016 to reach 3.9% of GDP

MOSCOW, January 20. /TASS/. Russia’s budget deficit for 2016 amounted to 2.967 trillion rubles ($49.7 bln), or 3.5% of GDP, according to the documents released by the Finance Ministry on Friday.

Previously the Ministry expected the federal budget deficit for 2016 to reach 3.9% of GDP.

Read also

Kudrin says it will be difficult to reach budget deficit of 3.1% of GDP in 2017

In 2015, Russia’s federal budget deficit amounted to 1.945 trillion rubles, or 2.6% of GDP.

The federal budget revenues reached 13.459 trillion rubles ($225.7 bln) last year, amounting to 100.7% of the annual plan, while its expenditures stood at 16.426 trillion rubles ($275.2 bln) in the reporting period, or 98.7% of the financing target.

Federal budget revenues received from the Federal Tax Service totaled 6.918 trillion rubles ($115.5 bln) in 2016, 0.9% higher than expected, the Federal Customs Service transferred 4.397 trillion rubles ($73.4 bln), also 0.9% higher than the planned amount, transfers from other federal bodies equaled 2.143 trillion rubles ($35.8 bln), 0.4% lower than expected.

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan

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