Russia Approves 2027–2029 Budget with 2% Deficit

In addition, the budget project provides that all three years will be in deficit—approximately 2% of GDP annually.

Consensus

The Russian government approved the federal budget for 2027–29.
The budget projects a deficit of approximately 2% of GDP annually.
The 2027 deficit is forecast at 2.2% of GDP.
The budget includes measures to support defense, social obligations, and technological development.
The Ministry of Finance submitted the budget package to the government on September 24.
The budget is based on a baseline forecast of socio-economic development.
The budget includes tax increases on passive income, with rates rising to 22% for higher-income individuals.
The budget includes provisions for pension and benefit indexation, including a 6.8% increase in February and a 3.3% increase in April.
Funding is allocated for national projects, including technological leadership, infrastructure, and housing support.
The budget includes a plan to defer regional budget repayments from 2027–2029 to 2030, freeing up around 300 billion rubles.

Points of divergence

The budget is considered overly optimistic given the ongoing war and Ukrainian attacks on Russian infrastructure, and the tax increases have negatively impacted the Russian stock market. — thebell
An expert from RANHiGS stated that a 2% deficit is not excessive and can stimulate economic growth when driven by increased government spending. — vesti
The budget includes a proposal to unify the tax rate on passive income, affecting up to 4 million citizens, with exemptions for deposits under 1 million rubles and participants in the special military operation. — meduza

Coverage (20 sources)

Main conclusions from the 2027 budget, United Russia drew up under 60% and a rare chance to talk with an insider of the AI race — The Bell
Where to find money for the 2027 budget, who will face higher mortgage rates, and the new AI committee — The Bell
Expert says budget deficit will stimulate Russian economy to grow — Вести
Deficit of Russia's budget in 2027-2028 years will be about 2% of GDP annually, said Ministry of Finance. Government today considered... — РИА Новости (Telegram)
Government of the Russian Federation approved the federal budget project for 2027-2028-2029 — Интерфакс
Budget sends signals to DKP. Summary — Интерфакс
Siluanov commented on planned budget deficit in 2027 — Интерфакс
Siluanov: Federal budget deficit for 2027 will amount to 2.2% of GDP — Ведомости
Deficit of Russia's budget in 2027 will amount to 2.2% of GDP, Siluanov said. — ТАСС (Telegram)
Ministry of Finance presented three-year budget. It includes a deficit of 2% of GDP annually and an increase in the tax rate on passive income — Meduza
Ministry of Finance submitted to the government a draft budget of the Russian Federation for 2027-2029 — Фонтанка
Ministry of Finance submitted a federal budget project to the Government — Новая газета Европа
According to the Ministry of Finance forecast, the budget deficit in the next 3 years will be at the level of 2% GDP — Вести
Deficit of the Russian Federation budget in 2027-2028 will be about 2% of GDP annually — Интерфакс
Ministry of Finance prepared a draft federal budget for 2027-2029 — Коммерсантъ
Deficit of Russia's budget in 2027-2028 years will be about 2% of GDP annually, said Ministry of Finance. Government today considered... — РИА Новости (Telegram)
Deficit of Russia's budget in 2027-2028 years will be about 2% of GDP annually, said Ministry of Finance. — РИА Новости (Telegram)
Government of the Russian Federation will consider draft federal budget for 2027-2028 years — Интерфакс
At the Central Bank, there is a risk of raising the forecast for the budget deficit — Ведомости
"Not Easy": Siluanov commented on the budget for 2027-2028-2029 — Вести

Russia Approves 2027–2029 Budget with 2% Deficit

Consensus

Points of divergence

Coverage (20 sources)

Key entities

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