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Russian budget deficit for three years safe, won’t exceed 1% of GDP — Finance Minister

According to the draft federal budget, the revenues are projected at $353 bln in 2024, $337 bln in 2025, and $343 bln in 2026

MOSCOW, October 3. /TASS/. Russia's budget deficit for the entire upcoming three-year period will remain at a safe level and will not exceed 1% of GDP, Finance Minister Anton Siluanov said this at parliamentary hearings in the Federation Council.

"The budget deficit throughout the three-year period will not exceed 1% of GDP. This is an indicator that allows us to talk about an absolutely safe level of budget deficit for all three coming years," he said.

The Russian government approved the draft federal budget for the next three years. According to the document, budget revenues are projected at 35 trillion rubles ($353 bln) in 2024, 33.5 trillion rubles ($337 bln) in 2025, 34.1 trillion rubles ($343 bln) in 2026. Expenses are expected at 36.6 trillion rubles ($369 bln), 34.4 trillion rubles ($346 bln) and 35.6 trillion rubles ($359 bln), respectively. Thus, the deficit could reach 1.6 trillion rubles ($16.2 bln) in 2024, 0.9 trillion rubles ($9 bln) in 2025, 1.5 trillion rubles ($15 bln) in 2026. As Russian Prime Minister Mikhail Mishustin said, the authorities tried to reduce the deficit as much as possible.

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