OREANDA-NEWS  Russian President Vladimir Putin signed the law on the federal budget for 2023-2025 with a gradual reduction of the deficit from 2% to 0.7% of GDP. The document provides for expenditures of the Russian budget in 2023 at the level of 29 trillion rubles, in 2024 — 29.4 trillion rubles, and in 2025 - 29.2 trillion rubles.

The federal law published on the legal information portal also sets the planned amount of budget revenues in 2023 at 26.1 trillion rubles, in 2024 - 27.2 trillion rubles, and in 2025 — 27.9 trillion rubles.

The budget deficit, according to the document, will amount to 2% of GDP in 2023, 1.4% of GDP in 2024, and 0.7% of GDP in 2025. The main source of covering the deficit should be state borrowing.

The State Duma adopted the law on the budget for 2023-2025 on November 24. According to the speaker of the State Duma Vyacheslav Volodin, more than a third of budget expenditures in 2023 will be directed to social security of citizens. The separation of budget revenues from expenditures next year will lead to a deficit of 2.9 trillion rubles (about 2% of GDP).