MOSCOW, Sept 17 (Reuters) – Russian President Vladimir Putin said on Thursday the country’s budget deficit was projected to be around 2% of gross domestic product in 2027.
“According to preliminary estimates… the federal budget deficit is expected to be around 2%. This is based on a very conservative oil price assumption… of about $50 per barrel,” Putin said at a government meeting on economic issues.
He said that Russia was seeing oil prices rise on global markets and therefore expected oil and gas revenues to increase in the coming months. He added that higher energy revenues would allow the government to replenish the National Wealth Fund, which serves as a financial buffer for the state.
Putin also said Russia’s economy was expected to grow by up to 1% in 2026.
(Reporting by Reuters; Writing by Anton Kolodyazhnyy; Editing by Joe Bavier and Alex Richardson)
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