State Duma passes amendments to 2015 budget, deficit raised to 3.7%, GDP to fall 3%, inflation to be 12.2%

The State Duma passed in its third reading a law on amending the budget for 2015 and the planned period of 2016-2017 at a meeting on Friday.

The State Duma passed in its third reading a law on amending the budget for 2015 and the planned period of 2016-2017 at a meeting on Friday.

Under the amendments, the federal budget deficit will total 2.675 trillion rubles ($54.1 billion) or 3.7 percent of GDP in 2015 compared with a deficit of 430.7 billion rubles ($8.27 billion) or 0.6 percent of GDP in the current budget.

Budget revenue will amount to 12.54 trillion rubles ($240 billion) or 17.1 percent of GDP, including 5.687 trillion rubles ($109 billion) in oil and gas revenue and 6.853 trillion rubles ($131.7 billion) in non-oil and gas revenue.

Spending will total 15.215 trillion rubles ($292.3 billion) or 20.8 percent of GDP.

The current budget targets budget revenue at 15.082 trillion rubles and spending at 15.513 trillion rubles ($298 billion).

Inflation for the year, initially set at 5.5 percent, is now expected to total 12.2 percent.

 

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