Russia’s Jan-Sept Budget Deficit Equals 2.2% of GDP

The headline number matters less than its timing: a deficit already past two percent of GDP with a full quarter still to run leaves little room to absorb further spending pressure before year-end. The composition of financing is the real question, since how the shortfall is covered shapes domestic liquidity and the ruble far more than the headline ratio does. Whether the pace of borrowing accelerates into the fourth quarter is the open question.