Russia’s Jan-Feb Budget Deficit Exceeds Forecasts Twice

Russia’s budget deficit amounted to 245.34 billion rubles ($8.313 billion) in January-February 2012, two times higher than the government forecast of about 124 billion rubles ($4.202 billion) or 1.5 percent of country’s gross domestic product, the Finance Ministry said on Wednesday.

In the first two months of 2011 there was budget surplus at 52.78 billion rubles, while for the whole 2011 Russia had a budget suprlus of 427.8 billion rubles.

The Russian government forecasts the 2012 budget deficit will amount to 1.5 percent of GDP or about 900 billion rubles but Deputy Finance Minister Tatyana Nesterenko said on Tuesday that higher oil prices could help Russia reduce the deficit, or even bring in a surplus, by the end of this year.


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