World Economy

Russia Budget May Show Surplus

Russia Budget May Show SurplusRussia Budget May Show Surplus

The Russian budget can have surplus already this year, while deficit was 1.5% of GDP as of 2017 year-end, Finance Minister Anton Siluanov said on Wednesday, Tass reported. “Our deficit is 1.5% of GDP in 2017,” the minister said. “This year we may have deficit of 1.3% of GDP but if the market situation continues as now, then we may have surplus,” the minister said. Russia’s budget surplus can be 1% of GDP in 2018, the ministry of economic development said earlier in the day. The federal budget showed surplus last time in 2011. Meanwhile, Russia’s government is discussing a proposal to turn on the fiscal taps in what would be the biggest domestic spending spree since President Vladimir Putin last ran for re-election in 2012. Kremlin economic aide Andrey Belousov said expenditure on health, education and infrastructure could be raised by 1.5-2% of gross domestic product.

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