Key facts
- Russia's federal budget deficit is projected to be around 2% of GDP in 2027, according to President Vladimir Putin.
- Putin's projection is based on an oil price assumption of $50 per barrel.
- Russia's economy is expected to grow by up to 1% in 2026, Putin said.
- The projected federal budget deficit for 2026 is 1.6% of GDP, according to Finance Minister Anton Siluanov.
- Siluanov projected deficits of 1.2% in 2027 and 1.3% in 2028.
- Russia's federal budget was in surplus for July-September, Putin stated.
Russian President Vladimir Putin stated on Thursday that the country's federal budget deficit is anticipated to be around 2% of GDP in 2027. This projection is contingent on a conservative assumption of oil prices at approximately $50 per barrel. Putin noted that rising global oil prices are expected to increase Russia's oil and gas revenues in the coming months, enabling the government to replenish its National Wealth Fund.
In separate remarks, Russian Finance Minister Anton Siluanov projected the budget deficit to reach 1.6% of GDP in 2026, with further decreases to 1.2% in 2027 and 1.3% in 2028. These figures were part of the government's approval of the draft budget for 2026-2028. Russian Prime Minister Mikhail Mishustin described the draft budget as realistic and planned with current global challenges in mind.
Earlier in August, Putin had indicated that the federal budget would be in surplus for the third quarter and that the annual deficit would be around 2% of GDP. He also commented on the robustness of the fiscal situation, stating it posed no critical risks to macroeconomic stability, citing Russia's low national debt levels. Putin also highlighted rising inflationary risks and the priority of curbing price growth, urging the government and the Central Bank to actively manage financial market volatility.