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Russia lowers 2011 budget deficit to 1-1.4 pct of GDP
Date: 2011/5/30 Click: 1565
Russian Financial Minister Alexei Kudrin on Monday said Russia's 2011 budget deficit would be 1 to 1. 4 percent of the country's gross domestic product (GDP), according to local media report.

The latest forecast is much lower than a previous one of 3.6 percent due to the hike of oil price in recent months.

"If the price of oil exceeds 105 U.S. dollars (per barrel), the deficit can be even lower," Kudrin was quoted by Itar-Tass as saying during his meeting with President Dmitry Medvedev.

Kudrin also noted that all Russian administrative subjects' total revenue has increased by 1.5 percent to 2.5 trillion rubles (87.79 billion U.S. dollars) in the first quarter, with zero- deficits in all subjects.

Earlier, Kudrin said Russia would get a deficit-free budget in 2012 only if the average annual price of oil reaches 120 U.S. dollars per barrel.

According to the Russian Economic Development Ministry, Russia' s fiscal deficit stood at 3.9 percent of GDP in 2010.
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