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RUSSIA: Russia Plans to Raise Defense Spending to $142 Billion in 2025: BBG

RUSSIA
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Draft three-year budget proposals show the government intends to increase defense spending to RUB 13.2trln ($142bn) in 2025 from RUB 10.4trln projected for this year, putting it at 6.2% of GDP, Bloomberg report. 

  • Military expenditure is planned to decline to 5.6% of GDP in 2026 and 5.1% in 2027, according to Bloomberg calculations based on the draft data.
  • At the same time, the draft documents show the government expects to shrink the budget deficit next year to 0.5% of GDP, Bloomberg add. That’s based on projections for higher non-oil and gas revenues from the introduction of a more progressive income tax and expected increases in earnings from the value added tax as well as excise and import duties.  
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Draft three-year budget proposals show the government intends to increase defense spending to RUB 13.2trln ($142bn) in 2025 from RUB 10.4trln projected for this year, putting it at 6.2% of GDP, Bloomberg report. 

  • Military expenditure is planned to decline to 5.6% of GDP in 2026 and 5.1% in 2027, according to Bloomberg calculations based on the draft data.
  • At the same time, the draft documents show the government expects to shrink the budget deficit next year to 0.5% of GDP, Bloomberg add. That’s based on projections for higher non-oil and gas revenues from the introduction of a more progressive income tax and expected increases in earnings from the value added tax as well as excise and import duties.