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Russian budget deficit revised lower

With oil prices holding steadily above $50 per barrel, the Russian government said it revised its estimate for the budget deficit lower by 5 %.

Russian budget deficit revised lower


With oil prices holding steadily above $50 per barrel, the Russian government said on September 29, 2017, that it revised its estimate for the budget deficit lower by 5 %.

 

Government figures, cited by Tass, show a forecast for the 2018 federal budget deficit at $21.9 billion.

That's lower than the previous estimate of $23.07 billion for next year.

 

By 2019, data show an estimated budget deficit of $14.2 billion and $15 billion in 2020.

Both figures are lower than previous estimates by 5.5 % and 10 %, respectively.

 

Revenues by 2020, meanwhile, should be $281.5 billion, 4.4 % higher than the previous forecast.

 

An April forecast from the World Bank said the Russian economy would grow by about 1.3 % this year, and then to about 1.4 % through 2019.

The situation, however, should be supportive of growth as the World Bank estimates the average price for crude oil will reach $60 per barrel next year.

 

Russia is party to an effort led by the OPEC to limit production in order to balance an oversupplied market.

It's the largest contributor to that effort among non-member states, pledging to sideline about 300,000 barrels of oil per day.

 

After the deal was brokered in November, Central Bank Gov. Elvira Nabiullina said recovery for the Russian economy will be slow with only minor growth for gross domestic product expected this year.

Russia's economy lingered in recession last year and the national currency, the ruble, declined in value after crude oil prices dipped below $30 per barrel.

 

Source : Neftegaz.RU