Russia’s budget deficit has reached 2.3% of GDP
2023.01.10 07:37
Russia’s budget deficit has reached 2.3% of GDP
Budrigannews.com – According to Finance Minister Anton Siluanov’s statement on Tuesday, Russia’s 2022 budget deficit was 2.3% of its gross domestic product, indicating the impact of the Ukraine conflict on the country’s finances.
Russia had set a goal for a state budget surplus of 1% of GDP in 2022 before it launched its invasion on February 24, 2017. In September, Russian President Vladimir Putin predicted a surplus of close to 500 billion roubles.
According to Siluanov, the deficit was 3.3 trillion roubles, or 47.45 billion dollars.
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As it devotes more resources to security and defense, Russia has been forced to borrow heavily at domestic debt auctions and draw on its emergency fund.
Late last month, Siluanov also said that a Western price cap on Russian oil could make the budget deficit bigger in 2023.
($1 = 69.5500 roubles)
