After months of budget surpluses thanks to soaring energy prices and a windfall tax on state giant Gazprom, Russia could see a huge budget deficit in December, to the tune of $55.2 billion (3.5 trillion Russian rubles), as its spending typically rises towards the end of each year, analysts say. This would be significantly more than the roughly $9 billion surplus that Russia posted between January and November.
Russia has guided for an annual budget deficit of 2% of GDP this year, and in order to meet that target, the country will have to spend…Russia Set To Post A Massive $55 Billion Budget Deficit In December
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