Russian govt approves draft budget for 2024 and 2025-2026 planning period

MOSCOW. Sept 22 (Interfax) - The Russian government at a meeting on Friday approved draft federal budget for 2024 and the 2025-2026 planning period, the government's press service said.

Revenues are forecast at 35 trillion rubles next year, or 19.4% of GDP, and expenses are projected at 36.6 trillion rubles, or 20.4% of GDP, resulting in a deficit of 1.6 trillion rubles.

The 2025 revenue will amount to 33.5 trillion rubles or 17.6% of GDP and 2026 revenue to 34.1 trillion rubles or 16.8% of GDP. Expenditures for these years are planned at 34.4 trillion rubles or 18.0% of GDP and 35.6 trillion rubles or 17.6% of GDP, respectively. Thus, the budget deficit in 2025 will narrow to 900 billion rubles, and in 2026 it will amount to 1.5 trillion rubles.

Going by the Russian Economic Development Ministry's GDP forecasts, the budget deficit will be around 0.9% of GDP in 2024, 0.47% in 2025 and 0.7% in 2026.

The draft budget should be introduced to the State Duma next week.