Russia’s 2016 budget deficit amounts to 3.5% of GDP in 2016


Russia’s budget deficit for 2016 amounted to 2.967 trillion rubles ($49.7 bln), or 3.5% of GDP, according to the documents released by the Finance Ministry on Friday.

Previously the Ministry expected the federal budget deficit for 2016 to reach 3.9% of GDP.

In 2015, Russia’s federal budget deficit amounted to 1.945 trillion rubles, or 2.6% of GDP.

The federal budget revenues reached 13.459 trillion rubles ($225.7 bln) last year, amounting to 100.7% of the annual plan, while its expenditures stood at 16.426 trillion rubles ($275.2 bln) in the reporting period, or 98.7% of the financing target.

Federal budget revenues received from the Federal Tax Service totaled 6.918 trillion rubles ($115.5 bln) in 2016, 0.9% higher than expected, the Federal Customs Service transferred 4.397 trillion rubles ($73.4 bln), also 0.9% higher than the planned amount, transfers from other federal bodies equaled 2.143 trillion rubles ($35.8 bln), 0.4% lower than expected.


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