for July-September the budget will be reduced to a surplus – Kommersant

President Vladimir Putin announced that the federal budget for July-September will be reduced to a surplus. The excess of spending over income for 2023 will be at the planned level of 2% of GDP, he added.

“It is expected that in July-September the budget will be reduced to a surplus,” the president said and noted that the current budget situation is generally stable and does not pose risks to macroeconomic stability (quoted by TASS).

According to Mr. Putin, the budget deficit has decreased by almost eight times compared to the first quarter and amounted to 264 billion rubles. “In July, the budget balance of 458 billion rubles. better than a year ago,” he added, speaking at a meeting of the Council for Strategic Development and National Projects

The Bank of Russia, taking into account new data on economic activity in the country predictedthat the GDP growth rate will be 1.5–2.5% in 2023, 0.5–2.5% in 2024, 1.0–2.0% in 2025 and 1.5–2.5% in 2026.

Ministry of Economy expects GDP growth in 2023 by 1.2% after declining by 2.1% in 2022. Recovery growth is expected at 2% in 2024, 2.6% in 2025, and 2.8% in 2026. In the second quarter of 2023, according to the first estimate of Rosstat, Russia’s GDP in annual terms increased by 4.9%, which is 0.3 percentage points (p.p.) higher than the preliminary estimates of the Ministry of Economy and 0.1 p.p. – the Central Bank.

More details – in the publication “Kommersant” “The economy is on a plateau”.

Maria Fedotova