MOSCOW, May 16. /TASS/. Russia’s budget deficit will stand at half a percent of GDP in 2022 and rise to 1.5% of GDP in 2023, according to Spring 2022 Economic Forecast released by the European Commission (EC) on Monday.

"A projected small deficit of 0.5% of GDP in 2022 is set to widen to 1.5% of GDP in 2023 as easing commodity prices and limited Russian ability to export them curtails revenues," the document said.

The EC also projects that public debt-to-GDP ratio will increase moderately due to declining GDP. "However, at less than 16% of GDP, it is set to remain much lower compared to other emerging market and advanced economies," the forecast said.

Moreover, uncertainties are atypically large in the current circumstances, the authors of the forecast noted.