Russia's State Duma approves draft budget for 2010

11:16, November 21, 2009      

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Russia's State Duma, the lower house of parliament, approved on Friday in the third and final reading a draft federal budget for 2010 and basic parameters of the budget for 2011-2012.

Under the draft, federal budget revenue will reach 6.95 trillion rubles (about 239 billion U.S. dollars) in 2010, and government expenditure will total 9.89 trillion rubles (about 341 billion U.S. dollars).

The 2010 budget will run a deficit of 6.8 percent of Russia's gross domestic product (GDP), and the budget deficit will gradually decline to 4 percent of the GDP in 2011 and 3 percent in2012.

The budget predicts that Russia's inflation will not exceed 10 percent in 2010 and the average annual exchange rate will be 33.9 rubles per U.S. dollar. The average annual Urals oil price is forecast to be 58 dollars per barrel.

The economic growth is estimated to hit 1.6 percent in 2010, and then further rise to 3 percent and 4.3 percent in 2011 and 2012.

The government believes that the budget for 2010 is based on post-crisis development and social stability and the indicators are achieved after evaluating the future economy in a cautiously optimistic way.

Source: Xinhua
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