Russia's 2015 federal budget deficit totaled 1.95 trillion rubles ($25 million), accounting for 2.6 percent of the country's gross domestic product, the Finance Ministry said in a statement Friday.
The 2015 incoming budget funds were 3 percent higher than earlier projections and totaled 13.6 trillion rubles ($175 billion). Expenses reached 15.6 trillion rubles ($200 billion), exceeding the previous estimates by 1.2 percent, the statement said.
In 2016, Russia's budget deficit is expected to reach 1.5 trillion rubles ($19.2 billion) which will constitutes 3 percent of Russian GDP.
The budget projects the average price of oil in 2016 at $50 per barrel. On Thursday, the oil price fell below $28 dollars per barrel.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
