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Russia maintains plans for budget deficit at 2% of GDP in 2023 — minister

Anton Siluanov said earlier that the budget deficit in 2023 will be 2% of GDP

MOSCOW, February 21. /TASS/. The Russian economy will not go beyond the targeted budget deficit of 2% of GDP, Minister of Finance Anton Siluanov said on Tuesday.

"The deficit will not grow due to measures (stated by Russian President Vladimir Putin in his address to the Federal Assembly - TASS). According to the plan, we have a deficit of 2%, we will do everything necessary to ensure financial stability. The deficit is one of instruments of such stability, the anchor of financial stability. We will also strictly protect it," Siluanov said.

The minister said earlier that the budget deficit in 2023 will be 2% of GDP.

Earlier on Tuesday Russian President Vladimir Putin said in his State of the Nation Address to the Federal Assembly that Russia’s GDP contraction totaled 2.1% in 2022 despite the West’s projections of a 20% fall. "GDP contracted by 2.1% in 2022, according to the latest numbers. Meanwhile, I should note that last February or March an economic meltdown was projected," he said, adding that the West projected an economic fall by 20-25%.

"Russian business has adjusted the logistics, fortified ties with responsible, predictable partners," Putin noted.