10 Dec 2010 14:24

Russian budget deficit at 2.2% of GDP in 11 mths - Finance Ministry

MOSCOW. Dec 10 (Interfax) - Russia's federal budget deficit for the first 11 months of 2010 was 911.501 billion rubles or 2.2% of GDP, the Finance Ministry said, quoting preliminary data.

Budget revenue in the 11 months was 7.432 trillion rubles, or 94.4% of approved revenue for the year. Cash spending was 8.344 trillion rubles, or 81.4% of approved and 81.2% of adjusted spending for the year.

The primary budget deficit was an estimated 724.564 billion rubles.

GDP was 41.085 trillion rubles.

The November deficit was 151.6 billion rubles (3.6% of GDP for the month). November spending was 862.418 billion rubles, and revenue was 710.826 billion rubles.

Oil and gas revenue was 346.649 billion rubles in October, and other revenue was 361.177 billion rubles.

Federal tax revenue in January-November 2010 was 2.885 trillion rubles, or 94.4% of forecast tax revenue for the year; customs revenue was 3.83 trillion rubles, or 93.5%; and privatization revenue - 68.541 billion rubles, or 115.3%.

Other sources of revenue came to 647.788 billion rubles, or 97.9% of the year's target or, not including Reserve Fund and National Welfare Fund resources, 334.688 billion rubles, or 96.0% of forecast.

Customs and other federal revenue do not include cash returns for import duty paid in Russian territory and subject to distribution to Customs Union member budgets.

Russia's sovereign Reserve Fund contained 1.28 trillion rubles in ruble equivalent as of December 1, down 30.1% from 1.831 trillion rubles on January 1. Exchange-rate losses were responsible for 31.936 billion rubles of this decrease, and 519.5 billion rubles were used to plug the budget deficit.

The National Welfare Fund contained 2.762 trillion rubles on December 1, down 0.3% or 7.056 billion rubles from 2.769 trillion rubles on January 1. The Welfare Fund lost 2.502 billion rubles which were used to co-finance pension savings. The exchange-rate difference was 4.561 billion rubles on funds deposited with the Central Bank.