Russia's finance ministry is sticking with plans to post a budget deficit of no more than 2% of gross domestic product (GDP) in 2023, despite towering spending and slumping energy revenues contributing to a huge shortfall in January.
Russia recorded a budget deficit of almost $25 billion in January, in part due to falling oil and gas revenues, the lifeblood of Russia's economy. That led analysts to forecast a budget deficit as wide as 5.5 trillion roubles ($73.2 billion), equivalent to 3.8% of GDP, unless prices for Russian oil recover.
