Russia expects budget deficit at 2% of GDP in next 3 years

By Gokhan Ergocun

ISTANBUL (AA) - Russian Finance Minister Anton Siluanov expects the country's average federal budget deficit to gross domestic product ratio to reach 2% in the 2027-2029 period.

Siluanov evaluated the country's budget policy during a meeting with lawmakers at the State Duma, the lower house of the Russian parliament.

He said the government directed resources to specific areas due to the challenging tasks the country faced.

He noted that he considered this a small deficit given the major tasks facing the nation.

Siluanov emphasized that this deficit level allowed the government to keep public debt low while maintaining the current budget policy.

He pointed out that the average budget deficit in G20 countries stood at around 5% of the gross domestic product, noting that Russia's rate remained below this level.

Russia's budget expenditures increased significantly in recent years, particularly due to defense industry spending.

Emre Gürkan Abay