The key facts

  • Siluanov expects the average Russian federal budget deficit at 2% of GDP in 2027–2029
  • According to him, this allows keeping low public debt and the current budget policy
  • The average deficit in G20 countries is about 5% of GDP; Russia's figure is lower

Finance Ministry names expected budget deficit level

Russian Finance Minister Anton Siluanov, during a meeting with deputies at the State Duma, said that the average ratio of the federal budget deficit to GDP in 2027–2029 will be about 2%. This was reported by the Anadolu agency.

Minister's assessment and comparison with other countries

Siluanov explained that the government directed resources to specific areas due to the difficult tasks facing the country, and considers such a deficit small given the scale of these tasks. According to him, this deficit level allows keeping low public debt while continuing the current budget policy. He also noted that the average budget deficit in G20 countries is about 5% of GDP, and Russia's figure remains below that level.

Context of rising spending

As the agency notes, Russia's budget spending has grown significantly in recent years, in particular due to spending on the defense industry.