Russia's budget deficit to reach $21 billion in 2016
In this projection, the deficit will constitute about 2 percent of GDP, and the ministry will have to be more conservative in its spending policy to maintain budget deficit margins of 3 percent GDP, Oreshkin said.
This deficit limit had previously been set by Russian President Vladimir Putin.
The Finance Ministry estimated Russia's GDP at 78.7 trillion rubles ($1.15 trillion) in the 2016 budget bill. Its previous deficit forecast, due to the oil price and falling ruble, was 1 trillion rubles ($14.4 billion).
Budget revenues were projected at 13.7 trillion rubles ($204 billion), with expenditures expected to reach 16 trillion rubles ($238 billion). ■