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State Duma Passed 3-Yr Budget
The lower house of Russia’s parliament, the State Duma, has passed in the third final reading the federal budget for 2009 through 2011, RIA Novosti reported. The budget was amended to set forth additional appropriations to support financial system and for defense purposes.
Under the estimate of top-ranked bureaucrats of the country, the revenues of the RF budget will amount to 10.9 trillion ruble in 2009, 11.73 trillion ruble in 2010 and 12.84 trillion ruble in 2011. In terms of the GDP percentage, the revenues will go down from 18.98 percent to 18.06 percent of the GDP.
The spending will be going up in the ruble equivalent, shedding at the same time in the GDP percentage. The 2008 spending will equal 9.02 trillion ruble (18.8 percent of the GDP), the amount will be 10.32 trillion ruble (18.8 percent of GDP) in 2010 and 11.3 trillion ruble (18.1 percent of GDP) in 2011.
The budget provides for the stable growth of Russia’s economy. The GDP is estimated to increase to 51.5 trillion ruble in 2009 and soar to 67.6 trillion ruble in 2011. Another optimistic assumption is the inflation’s decline from 8.5 percent to 6.8 percent respectively.
More likely than not, the authorities will revise indicators. In Russia, the prices tend to grow ahead of forecasts. The 2008 inflation, for instance, has reached 11.5 percent, while the initial target was to contain it at 10 percent.
The budget of 2009 through 2011 is the second three-year budget of the country. The previous practice was to stick to annual budgets.
www.kommersant.com
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