The rising cost of the war is underpinning Russia’s limited economic recovery this year with rising industrial output, but has already pushed its budget deficit to about $24 billion.
Russia plans for next year a colossal increase in its defense spending, which will reach 6% of Gross Domestic Product (GDP), up from 3.9% in 2023 and 2.7% in 2021Bloomberg News reported today.
Reuters can immediately confirm the report.
Moscow has doubled its defense spending targets by 2023 exceeding $100 billion, according to an exclusive Reuters report in August, as the cost of the war in Ukraine rises and weighs more and more on Russia’s finances.
Rising war costs are underpinning Russia’s limited economic recovery this year with rising industrial output, but have already pushed its budget deficit to about $24 billion – a figure exacerbated by falling export earnings.
The government was due to discuss draft budget proposals today.
Source :Skai
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