Russia faces 2020 budget deficit of 0.9% of GDP at current oil prices [Reuters (UK)]
SBERBANK OF RUSSIA S/ADR (SBRCY)
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Source: Reuters
Russia faces 2020 budget deficit of 0.9% of GDP at current oil prices - Reuters 2 Min Read MOSCOW, March 14 (Reuters) - Russia’s budget deficit could reach 0.9% of gross domestic product (GDP) in 2020 at current oil prices, Finance Minister, Anton Siluanov told the upper house of parliament on Saturday. The country’s economy has been hit by a slump in global oil prices and the spread of the coronavirus, with the minister saying the latter was having the bigger effect as it complicated transportation, tourism and trade. Russia previously expected a 2020 budget surplus of 0.8% of GDP, but budget revenues from oil and gas at current prices are set to decline by about 2 trillion roubles ($27.7 billion) compared with previous estimates, Siluanov said. “With the current prices for energy resources, we will have a deficit of up to 1% of GDP. We estimate that it will be at 0.9% of GDP,” the minister said, adding that all budget obligations would be met. Russia has a rainy-day National Wealth
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