Mishustin says domestic demand to drive Russia's GDP growth in 2027

September 24, 2026 at 06:14 PM1 min

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Russian Prime Minister Mikhail Mishustin said domestic demand will be the main driver of GDP growth in 2027, according to the draft federal budget. He projected GDP growth of 1.4% next year, accelerating to 2.4% by 2029. The government also plans revenues of 43.3 trillion rubles in 2027 and spending of 48.8 trillion rubles.

Key Facts

Mishustin said the draft federal budget for 2027 assumes domestic demand will be the main factor of GDP growth.
GDP is projected to grow by 1.4% in 2027 and accelerate to 2.4% by 2029.
Budget revenues for 2027 are forecast at 43.3 trillion rubles, rising to almost 48.4 trillion by 2029, with spending planned at 48.8 trillion rubles.
About 19 trillion rubles are planned for national projects, including technological ones.
The government plans to allocate over 63 trillion rubles to the Social Fund and more than 16 trillion rubles to the Medical Insurance Fund over three years.

Budget Priorities

Mishustin outlined three budget priorities: fulfilling social obligations, primarily support for families with children; ensuring defense and security; and helping participants of the special military operation and their families. He also cited achieving national goals, including technological leadership. About 19 trillion rubles are planned for financing national projects, including technological ones.

Fiscal and Monetary Outlook

The Ministry of Finance submitted the budget package for 2027 and the planning period of 2028–2029 to the government on September 24. The ministry called the budget balanced, with an annual deficit of about 2% of GDP. Finance Minister Anton Siluanov said the package includes measures to prioritize spending, concentrating resources on the most significant areas for the state and citizens. The main goal of the unified state monetary policy for the next three years remains keeping inflation near 4%.