Russian Budget Deficit in 2015-2016 Expected at 3% of GDP

The deficit of the Russian state budget is expected at about three percent of the GDP in 2015 and 2016, Finance Minister Anton Siluanov said on Monday.

MOSCOW (Sputnik) — Siluanov also said the budget for 2016 would be calculated on the basis of an average oil price of $50 a barrel.

"Our forecast for budget deficit this year is around three percent of the GDP, and the next year we do not expect it to be higher than this year," Siluanov told reporters in Moscow.

In July, Siluanov said that the Russian Finance Ministry might have to spend up to 3 trillion rubles ($54 billion) from the country's Reserve Fund in 2015 to cover the budget deficit.