Russia's budget deficit narrows to 2.9 pct of GDP in January-August

Russia's federal budget deficit decreased to 1.518 trillion rubles (about 23.5 billion U.S. dollars), or 2.9 percent of the country's gross domestic product (GDP), in the first eight months of 2016, the Russian Finance Ministry said Monday.

Federal expenses amounted to 9.661 trillion rubles (about 149.2 billion U.S. dollars) between January and August, while federal revenues reached 8.142 trillion rubles (about 125.8 billion U.S. dollars), said the ministry.

The Federal Tax Service transferred 4.423 trillion rubles (about 68.3 billion U.S. dollars) to the federal budget in January-August, while the Federal Customs Service cut 2.735 trillion rubles (about 42.3 billion U.S. dollars). Other federal authorities have listed 983 billion rubles (about 15.2 billion U.S. dollars), it said.

Russian President Vladimir Putin has ordered the Finance Ministry to control the budget deficit within 3 percent of the GDP in 2016. In the first half of the year, the budget deficit amounted to 3.7 percent of the GDP, according to the Ministry. Endi