Ben Aris, Intellinews: Russia’s government moves from war budget to election budget
The Russian government has moved from a war budget to an election budget as social spending soars and defence spending is cut.
With the presidential election now only a year away, which Russian President Vladimir Putin, virtually unopposed, is expected to easily win, the Russian government has changed its budgetary focus and boosted social spending to soften up the electorate.
Budget spending increased by over 6% year on year (y/y) in the first six months, which meant real growth was rather moderate. Russian GDP adjusted for seasonal and calendar factors rose 2% y/y and declined 0.6% month on the month in July, state development bank Vnesheconombank (VEB) said in a research note on August 24.
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