MOSCOW, December 30. The budget deficit in 2015 will be 2.8-2.9% of the GDP. About it in interview to TV channel “Russia 24” said the Minister of Finance Anton Siluanov.
The Russian economy returned to a trajectory of decline
He also noted that next year will be difficult for the Russian economy, prices of key export commodities may be lower than projected.
“I want to say, next year will be a challenging year indeed. The forecast suggests that we may see lower prices for our main commodities of export,” he said.
Thus, according to the head of the Ministry of Finance, the government has prepared measures to respond to the deteriorating situation in the economy in 2016 because of internal and external factors. The Finance Ministry estimates average oil prices in 2016 at $40 per barrel, said the Minister.
According to him, the government will support key sectors of the Russian economy, which will ensure the growth of individual areas and to reduce the rate of decline in industries in 2015, “feel not as good as it was a couple of years ago.”
Inflation and deficit
Inflation in Russia in 2015 may exceed 13%, while in 2016 its GDP growth will slow to 6-7%, Siluanov said. “The inflation we are planning at the level of 6-7% versus 13% in the current year,” he said.
Speaking of the budget deficit by the end of 2015, the Finance Minister noted that it will be 2.8-2.9% of the GDP. “The budget deficit has been lower than we had originally planned. The original plan was just over 3%. We will fulfill the budget deficit in the amount of 2.8-2.9% of GDP”, – said Siluanov.
“As a result we will be able to spend less reserves. The amount of spending from our reserves will amount to about 2.6 trillion rubles,” – he added.
According to the Finance Ministry, the deficit of the RF consolidated budget in January-November 2015 amounted to 1 trillion 129,5 billion. The revenues of the RF consolidated budget for the 11 months amounted to 23 trillion 655 billion rubles, the expenses – 24 trillion 784,5 billion.
The greatest costs were for the items “social policy” (8,111 billion rubles), “national economy” (2,542 billion rubles) and “education” (2,452 billion rubles).
Dynamics of investments
On the Russian securities market the Ministry of Finance of the Russian Federation sees the inflow of foreign investment in the last six months, primarily in government securities and securities of corporations of Russia.
“I want to say that in the last six months we see on the contrary the inflow of foreign investment in the financial sector, primarily in government securities, and securities of our corporations,” he said.
This Siluanov noted that “investors willingly invested” in OFZ bonds-IN (bonds with inflation-indexed face value).
The Ministry of Finance of the Russian Federation in 2015 to fully implement the plan for borrowing, Siluanov said.
“We have worked well in the financial market. I want to say that in full in the current year implemented a plan to borrowing”, he said.