MOSCOW, Nov. 20 (Xinhua) -- Russia's State Duma, or lower house of parliament, approved the federal budget for 2026-2028, Russian media RIA Novosti reported on Thursday.
According to the bill, Russia's GDP is projected to reach 235.07 trillion rubles (2.93 trillion U.S. dollars) in 2026, 255.50 trillion rubles in 2027 (3.18 trillion dollars) and 276.35 trillion rubles (3.44 trillion dollars) in 2028. Annual inflation is expected to remain below 4 percent throughout the period.
The budget prioritizes fulfilling social commitments to citizens, strengthening defense and security, and advancing national development goals set by President Vladimir Putin.
Finance Minister Anton Siluanov said the budget is balanced in its structure and incorporates measures to strengthen the sustainability of federal revenues while concentrating spending on key priority areas.
Particular attention will be given to efficiency to ensure "every budget ruble is tied to a specific result," he said.
The budget would remain in deficit over the three years, though the deficit is projected to narrow from 1.6 percent of GDP in 2026 to 1.2 percent in 2027, before slightly rising to 1.3 percent in 2028. Government borrowing would serve as the main source of deficit financing. ■