Russian Prime Minister Mikhail Mishustin, speaking [today] at the Cabinet meeting in the Russian White House, estimated the deficit in the federal budget in the first half of 2025 (H1’25) at about 3.4% of GDP.
This deficit doubles the Russian Finance Ministry’s preliminary estimate for H1’25 and the expected total deficit for the entire year, projected in both cases, at 1.7% of GDP. The deficit resulted from the delay of some of the revenues expected in this period, Mishustin explained during meeting dedicated to the review of the results of the execution of the 2025 budget in H1.
According to the new amendments to the 2025 budget, signed in June 2025 by Russian President Vladimir Putin, total revenues are expected at 38.5trln rubles, or 17.4% of GDP, which is 4.4%, or about 1.79trln rubles, less than the previously forecast figure. This drop in revenues stemmed mainly from the significant reduction in the oil and gas revenues. Based on the new revenues data, the total volume of GDP, expected at the end of 2025, will be about 226.5trln rubles.
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