Russia expects deficit-to-GDP ratio of 2% in 2023

Central bank stops buying gold at a fixed price

(Finance) – The Russian government approved the draft budget for 2023-2025. According to the document, as reported by the TASS agency, next year’s revenues are estimated at around 26 trillion rubles (about 436 billion dollars), expenses at 29 trillion rubles (487 billion dollars). The deficit will be around 2% of GDPor about 3 trillion rubles (50.4 billion dollars).

The government plans to balance the deficit mainly through loansit is emphasized, with the budget deficit expected to gradually decrease to 0.7% in 2025.

Prime Minister Mikhail Mishustin pointed out that the deficit will be for the entire horizon of analysis, i.e. until 2025he said Thursday. “There will be a budget deficit throughout the entire period, with government loans being its main source,” she said at the end of the government meeting.

The new budget, which still has to be approved by parliament, is based on one shift towards stable economic growth above 2% in 2024clarified Mishustin.