Putin says Russia projects 2% federal budget deficit on conservative oil estimate

President Vladimir Putin said Russia's federal budget deficit is expected to reach about 2%, with the estimate calculated on a highly conservative oil price assumption. He opened a meeting on the economy in Moscow and said the gap remains manageable under current macroeconomic conditions.

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Putin said the 2027 federal budget must keep social obligations, citizen safety and national defense capabilities as absolute priorities. He added that the budget should continue to function as the primary instrument for achieving Russia's national development goals.

Putin also pointed to easing price pressures, saying annual inflation had fallen to 6.2% as of September 14. He contrasted that with the end of the first quarter of 2025, when inflation was still in double digits at 10.3%, according to his remarks quoted by TASS.

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