In the Russian budget for 2024, 6% of GDP will go to military expenses

In the Russian budget for 2024, 6% of GDP will go to military expenses

Next year, Russia will spend 6% of its gross domestic product on military needs. About this declares Bloomberg agency analyzed the state budget of Russia for 2024. There was a draft state budget for three years presented on Friday at a meeting of the Russian government.

According to Bloomberg experts, military spending will almost double compared to the current year: in 2023, it will make up 3.6% of GDP, and in 2021, before the start of the invasion of Ukraine, it will make up 2.7%. In absolute terms, if this year Russia has invested 6.4 trillion rubles in military spending, then in the next year – 10.8 trillion. Thus, for the first time, they will make up the largest share of all the country’s expenses.

In addition, expenses of 11.1 trillion rubles are contained in the classified part of the budget (in 2023 – 6.5 trillion).

At the same time, support for social policy in the year of the new presidential elections will also increase: from 6.5 to 7.5 trillion.

In general, Bloomberg analysts call the draft budget optimistic: despite sanctions and military spending, the Ministry of Finance estimates next year’s budget at 35 trillion rubles – this is 22% more than in 2023. But it will still be deficient: the excess of expenses over income can amount to at least 0.9% of GDP.

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