BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/47
The deficit has remained rather small despite high outlays early in the year which have made spending less back-weighted than in previous years. Russia’s traditional end-of-year spending spree should be more subdued this year, but could still significantly increase the deficit. The finance ministry this summer forecasted that the 2015 consolidated budget deficit would be around 5.5 % of GDP. The Accounts Chamber of the Russian Federation has since given a slightly more modest deficit projection of 4.5 % of GDP.