Russian President Vladimir Putin signed the law on the federal budget for 2023 and the planned period of 2024-2025, with the document posted on the official web portal of legal information, repots TASS.
According to the law, Russia’s budget expenditures will total 29 trillion rubles ($465.7 bln) in 2023, 29.4 trillion rubles ($472.1 bln) in 2024, and 29.2 trillion rubles ($468.9 bln) in 2025. Revenues will stand at 26.1 trillion rubles ($419.1 bln) in 2023, 27.2 trillion rubles ($436.8 bln) in 2024, and 27.9 trillion rubles ($448 bln) in 2025.
The deficit in 2023 is projected at 2% of GDP (or around 3 trillion rubles ($49.3 bln)), with mainly borrowings planned to be used to cover it. Meanwhile, it is expected that the budget deficit will gradually go down to 0.7% in 2025.
