In 2025, Russia plans to increase defense spending to 6.2% of GDP – Bloomberg

Next year, Moscow aims to increase defense spending to 6.2% of the country’s gross domestic product amid the war against Ukraine. This is written by Bloomberg, which managed to get acquainted with the draft budget of the Russian Federation for 2025, reports UNN.

Details

According to the document, the Russian government intends to increase defense spending to 13.2 trillion rubles ($142 billion) in 2025 from 10.4 trillion rubles planned for this year, or 6.2 percent of gross domestic product.

It is also noted that military spending is planned to be reduced to 5.6% of GDP in 2026 and to 5.1% in 2027.

The publication indicates that spending on Russia’s national defense and internal security will make up about 40% of Russia’s total budget payments in 2025. As a result, the amount of funds allocated for defense is greater than the combined allocations for education, health care, social policy and the national economy.

Russia will experience financial and economic losses from the war in the summer of 2025 – BudanovSeptember 7, 2024, 2:40 pm • 27034 views

Addition

Also, according to the document, the Russian Federation predicts that spending on classified or unspecified items will increase to 12.9 trillion rubles in 2025 from the initially planned 11.1 trillion rubles this year, remaining at the level of about 30% of total budget expenditures.

Among other things, the government of the Russian Federation forecasts a budget deficit for 2024 at the level of 1.7% of GDP, which is 0.6 percentage points more than estimated in June

We will remind

EU High Representative for Foreign Affairs and Security Policy Josep Borrell said that the Russian economy is suffering significantly from Western sanctions due to the war in Ukraine.