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Russias federal budget deficit could exceed 3% of its GDP in 2016

Source: TRCW, White house
GORKY, Russia 08.23.16 – Russian Prime Minister Dmitry Medvedev, addressing the country's economic issues at a Cabinet meeting today, highlighted the difficulties being encountered by the government as it implements the 2016 budget plans.

The prime minister now expects the budget deficit to exceed 3% of the country’s GDP in 2016, which is partly due to the ongoing negative impact of the crisis on the domestic economy and the average oil price dipping lower than $50 per barrel.
"The level of incomes generation expected in this years budget could drop by up to RUB 1.5trln, but this is one of the possible negative development case scenarios,” the prime minister added, noting that the crisis factors in the economy are "still making themselves felt in the country and its industrial sectors."

The execution of the 2016 federal budget is very difficult, Medvedev concluded.

By Christopher Ebohon and Martin Ebohon