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Russia’s budget deficit may be less than 1.5% of GDP by year’s end — Putin

"Everything will depend on the volume of expenses that will be made for the period remaining until the end of the year," the Russian leader noted

MOSCOW, December 27. /TASS/. Russia’s federal budget deficit is now less than 2% of GDP, and at the end of the year it may be lower than 1.5%, Russian President Vladimir Putin said.

"As the Finance Minister [Anton Siluanov] reported this morning: our deficit is even less than the 2% that we [previously] talked about. And they said that this would be a good result - a 2% deficit. It turns out that it will be less, most likely. It will even be less than 1.5%," the head of state said at a meeting of the State Council.

In September, Finance Minister Anton Siluanov told reporters that the federal budget deficit in 2023 would "definitely not be higher than 2%, and possibly lower."

"Everything will depend on the volume of expenses that will be made for the period remaining until the end of the year. The deficit will not exceed our planned figures," he added.

According to the Finance Ministry, the Russian federal budget deficit in 2024 will amount to 1.595 trillion rubles ($17.4 bln), or 0.9% of GDP, in 2025 - 830 billion rubles ($9.05 bln) (0.4% of GDP), in 2026 - 1.536 trillion rubles ($16.7 bln) (0.8% GDP).

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