Vladimir Putin Projects 2% Budget Deficit for 2027

Vladimir Putin announced that the Russian federal budget deficit is projected to be approximately 2% of gross domestic product in 2027. Speaking at a government meeting on economic issues, the president stated that this estimate relies on a conservative oil price assumption of $50 per barrel.

Putin expects oil and gas revenues to increase in the coming months as global oil prices rise. He noted that these gains would allow the government to replenish the National Wealth Fund. Regarding near-term performance, he projected that the Russian economy will grow by up to 1% in 2026.