Capital Outflow Forecast in Russia Down to $60 Bln

MOSCOW, December 9 (RIA Novosti) – The Russian Finance Ministry slashed its annual capital outflow forecast to $60 billion, the ministry’s head Anton Siluanov said in Moscow on Sunday.

Siluanov predicted earlier that the capital drain would stand at $65 billion to $70 billion.

The Russian Central Bank said capital outflow already reached $61 billion between January and October, and predicted the year-end figure to stand at $67 billion. The Economic Development Ministry’s capital outflow estimates for 2012 range from $60 billion to $70 billion.

In 2011, capital outflow stood at $80.5 billion in Russia, which ranked 112 of 185 economies in the latest Doing Business rating by the World Bank, released in October.

The Russian Economic Development Ministry said on Sunday it is slashing its gas export forecast for 2012 to 180 billion cubic meters from 193 billion cubic meters, a figure it voiced in September.

But the ministry expects fixed investment to stand at 7.8 percent, not 5.5 percent as it predicted earlier, Economic Development Minister Andrei Belousov said.

A preliminary forecast for fixed investment in 2013 was decreased from 7.2 percent to 6.5 percent, Belousov added.

Separately, Siluanov reiterated that Russia would not revise its flat income tax of 13 percent, but said the government is hoping to devise a new property tax for the rich by 2014.


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