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Russia’s budget deficit to fall almost by half in 2018 — PM Medvedev

According to Dmitry Medvedev, "the Finance Ministry needs to continue efforts aimed at reducing budget deficit"

© Dmitriy Rogulin/TASS

MOSCOW, June 29. /TASS/. Russia’s Prime Minister Dmitry Medvedev said the country’s budget deficit will total around 1.5 trillion rubles ($25.4 bln) next year.

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President Putin approves Russian budget for 2017-2019

Speaking about 2018 budget highlights at a government meeting on Thursday, he said that "revenues are planned at 14.7 trillion rubles ($249 bln), expenditures - at 16.2 trillion rubles ($274 bln), and deficit - at around 1.5 trillion rubles."

According to Medvedev, "the Finance Ministry needs to continue efforts aimed at reducing budget deficit," as "last year’s budget deficit was 3 trillion rubles."

"We expect positive trends of the end of last year and of this year to become more stable. This year is expected to see GDP growth of around 2%, according to the Economic Development Ministry’s calculations, there are more cautious forecasts, but still there will be growth obviously," he said.

PM also said that Russia’s "investment and consumer demand will be recovering gradually, and real incomes are to go up."

Inflation is not going to exceed 4%, he added. "Inflation is to stay within the targeted level of 4%," Medvedev said.

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Dmitry Medvedev

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