Russian budget deficit narrows to US$42bil after May surplus FMTNews FMTBusiness
Finance minister Anton Siluanov said Russia’s budget deficit this year would be no more than 2% of GDP.
Soaring defence spending has kept Russia’s industrial sector ticking along, driving forecasts for economic growth this year and helping Moscow to continue its military campaign in Ukraine. Spending was 26.5% higher year-on-year in that period, the preliminary data showed, while income was down 18.5%.
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