Siluanov Calls 2% Budget Deficit 'Small' Amid Global Challenges
A budget deficit of 5.443 trillion rubles, or 2.2% of GDP, is forecast for 2027, exceeding the current budget law's planned figure of 3.186 trillion rubles, or 1.2% of GDP.
Consensus
- The planned budget deficit for Russia over the next three years is approximately 2% of GDP.
- Anton Siluanov, Minister of Finance, stated that this deficit level is not large given the country's global challenges.
- Siluanov compared Russia's deficit to the average of around 5% of GDP in G20 countries.
- The Federal Budget for 2027–29 was supported by the Council of Federation.
- Key priorities for the budget period include defense, social obligations, support for veterans of special operations, and national goals.
- Siluanov is expected to be confirmed as Deputy Prime Minister by the State Duma.
- The State Duma Budget and Tax Committee recommended approving Siluanov's appointment.
Points of divergence
- The actual deficit for 2026 is expected to exceed 7 trillion rubles, surpassing the planned 3.8 trillion rubles, due to war-related spending being 40% above plan. — thebell
- Bloomberg Economics forecasts a deficit of around 3% of GDP for 2027, indicating a potential overspending. — thebell
- The state debt is projected to rise from 19.9% of GDP in 2026 to 24.1% by the end of the three-year period, exceeding Siluanov's previous promise not to cross 20%. — thebell
- Interest payments on the debt in 2027 are expected to reach 4.6 trillion rubles, nearly equal to the total budget for national economy sectors like transport and agriculture. — thebell
- The 2% deficit figure is the result of a revision, as the current law projected a 1.2% deficit for 2027. — thebell
- Siluanov will become Deputy Prime Minister and remain Minister of Finance, with his first deputy, Irina Okladnikova, taking over the government apparatus. — thebell
Coverage (3 sources)
- Siluanov assessed Russia's budget deficit — Вести
- Silyanov does not consider a budget deficit of 2% of GDP to be large — The Bell
- Siluanov disagrees to consider planned three-year budget deficit at the level of 2% as large — Интерфакс