Russia's Budget Deficit Widens to 4.6% of GDP in January-May

Russia's federal budget deficit amounted to 1.486 trillion rubles (about 22 billion US dollars), or 4.6% of the country's gross domestic product, in the first five months of 2016, the state news agencyTASS reported Wednesday.

    Federal revenue totaled 4.64 trillion rubles (about 71 billion dollars) between January and May, while federal expenses reached 6.13 trillion rubles (about 93 billion dollars), it said.

    According to the Russian Finance Ministry, the country's budget deficit amounted to 350.36 billion rubles (about 5.33 billion dollars), or 5.5% of the Russian GDP, in May 2016.

    The Russian economy has plunged into recession since 2014 amid the drop of global oil prices and Western sanctions imposed over Moscow's alleged intervention in the Ukraine crisis.

    Russian President Vladimir Putin has ordered the Finance Ministry to control the budget deficit within 3% of the GDP in 2016.