23 Sep 2009 14:01

Pension spending to total 10% of GDP in 2010

MOSCOW. Sept 23 (Interfax) - Spending to finance pensions will total 4.4 trillion rubles in 2010 or 10% of GDP, Prime Minister Vladimir Putin said.

"Overall 4.4 trillion rubles will be spent in the pension funding area. That's 10% of the nation's GDP, which is an absolutely unprecedented figure. There has never been anything like it in our history," Putin said in remarks opening a government meeting on Wednesday.

Total spending in the 2010 budget is 9.9 trillion rubles, he said. Budget spending in 2009 is planned at 9.8 trillion rubles.