MOSCOW: Russian President Vladimir Putin said Thursday that the country's federal budget deficit is projected to be around 2% of gross domestic product in 2027, citing a conservative estimate for oil prices.
"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.
Putin said Russia has been seeing oil prices rise on global markets and that he expects oil and gas revenues to increase in the coming months. He said the additional energy revenue 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 is expected to grow by up to 1% in 2026.
