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Russia's budget deficit narrows to 2.9 percent of GDP

Staff Writer |
Russia's federal budget deficit decreased to 1.518 trillion rubles ($23.5 billion), or 2.9 percent of the country's gross domestic product (GDP), in the first eight months of 2016, the Russian Finance Ministry said.

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Federal expenses amounted to 9.661 trillion rubles ($149.2 billion) between January and August, while federal revenues reached 8.142 trillion rubles ($125.8 billion), said the ministry.

The Federal Tax Service transferred 4.423 trillion rubles ($68.3 billion) to the federal budget in January-August, while the Federal Customs Service cut 2.735 trillion rubles ($42.3 billion). Other federal authorities have listed 983 billion rubles ($15.2 billion), it said.

Russian President Vladimir Putin has ordered the Finance Ministry to control the budget deficit within 3 percent of the GDP in 2016. In the first half of the year, the budget deficit amounted to 3.7 percent of the GDP, according to the Ministry.

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