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RUSSIA: Government Targets Budget Deficit of 0.5% of GDP in 2025-2027

RUSSIA
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  • The Russian government approved the federal budget plan for 2025-2027 on Tuesday, Vedomosti report, targeting a deficit of 0.5% of GDP. Revenues are projected to grow by 15% from the updated figure for 2024 to RUB 40.3bn, while spending is expected to increase by 9% to RUB 41.3bn. Revenues will grow primarily thanks to a tax reform, the newspaper add.
  • Fuel oil exports from Russia are on track to jump in September to the highest since Vladimir Putin’s invasion of Ukraine in February 2022, Bloomberg report. They calculate that Russia’s exports of the product are expected to climb to about 852,000 barrels a day this month.
  • President Putin holds a meeting of the State Council Presidium on export development, while the Economy Minister will comment on economic forecasts for 2025-2027. The Bank of Russia will publish a summary of its previous key rate decision. Industrial production figures for August cross this afternoon (Est: +1.8% Y/Y; Prior: +3.3%).
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  • The Russian government approved the federal budget plan for 2025-2027 on Tuesday, Vedomosti report, targeting a deficit of 0.5% of GDP. Revenues are projected to grow by 15% from the updated figure for 2024 to RUB 40.3bn, while spending is expected to increase by 9% to RUB 41.3bn. Revenues will grow primarily thanks to a tax reform, the newspaper add.
  • Fuel oil exports from Russia are on track to jump in September to the highest since Vladimir Putin’s invasion of Ukraine in February 2022, Bloomberg report. They calculate that Russia’s exports of the product are expected to climb to about 852,000 barrels a day this month.
  • President Putin holds a meeting of the State Council Presidium on export development, while the Economy Minister will comment on economic forecasts for 2025-2027. The Bank of Russia will publish a summary of its previous key rate decision. Industrial production figures for August cross this afternoon (Est: +1.8% Y/Y; Prior: +3.3%).