Russian Finance Minister Anton Siluanov expects Russia’s federal deficit to average 2% of gross domestic product in 2027–2029, a level he says would keep public debt low, Anadolu Ajansı reported Oct. 20.
The outlet reported that Siluanov discussed the outlook with lawmakers at the State Duma, Russia’s lower house. He said the government had directed resources to specific areas to address the country’s challenges, and described the projected average deficit as modest in light of those tasks.
Siluanov said the deficit level would let Russia maintain low public debt under its current budget policy. For comparison, he put the average deficit among Group of 20 economies at about 5% of GDP, above Russia’s projected average.
Anadolu Ajansı also reported that Russian budget expenditure rose substantially in recent years, with defense industry spending among the factors behind the increase.
