Russian finance minister: Our deficit will not surpass 2% of the 2017 GDP

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December 7, 2017 – Fort Russ News – Paul Antonopoulos

MOSCOW, Russia – Russian Finance Minister Anton Siluanov said at a government meeting on Thursday that Russia’s budget deficit will not exceed 2% of the 2017 GDP.

“We do not expect this year’s budget to exceed 2% of GDP, which is lower than we initially planned,” he said, adding that “the planned figure is 2.5%.”

TASS explained that Russia’s federal budget deficit amounted to 0.3% of GDP in nine months of this year and that budget revenues reached 16.7% of GDP in the period, which is an increase of 1.7 percentage points compared with the previous year, due to a rise in oil and gas revenues of 1 percentage point amid the oil price standing at an average of $50.6 per barrel, and a surge of non-oil and gas revenues of 0.7 percentage points due to tax revenues.

“This year, we will fully use the resources of the Reserve Fund, as stipulated by the budget law, we use less from the National Wealth Fund,” the Minister explained. “According to our estimates, we will use funds from the National Wealth Fund in the amount of 662 bln rubles ($11.2bln). Thus, as of January 1, 2018, the volume of the National Wealth Fund funds will amount to 3.7 trillion rubles ($62.51 bln), or slightly more than 4% of the GDP,” he said.

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