The Russian Ministry of Finance announced on Thursday that the federal budget deficit reached approximately $68 billion during the first eight months of the current year, equivalent to 2.5 percent of the GDP, in light of the rise in government spending during the mentioned period.
The ministry said in a press statement that total federal budget expenditures reached approximately $374 billion during the period from January to August, an increase of 14.7 percent year-on-year, explaining that the acceleration in spending is due to contracting procedures and the advance financing of some contractual expenses.
