|
The surplus of the Russian federal budget will be RUR 57.67bn (about $2.02bn), or 1.7 percent of the GDP, in the first quarter of 2004, the Finance Ministry told RBC.
According to preliminary estimates, federal budget revenues amounted to RUR 688.897bn (about $24.1bn) in January-March 2004, and budget expenditures totaled RUR 631.223bn (about $22.1bn). The primary surplus was RUR 135.151bn (about $4.7bn), or 3.9 percent of the GDP. The GDP was RUR 3.485 trillion (about $122.1bn) in the first quarter of 2004.
Russian Finance Minister Alexey Kudrin said the outflow of capital from Russia amounted to about $200m in the first quarter. He noted that this was much less than in the first quarter last year. Mr. Kudrin said a capital account surplus was expected in 2004 for the first time. Capital outflow from Russia amounted to $2.1bn in 2003.
According to the Finance Minister, the economic reforms implemented in Russia over the past few years, made the country more attractive to investors. “The measures we are taking allow us to say confidently that there won’t be another default in Russia,” Mr. Kudrin stressed.
|
RUSSIA IN FACTS
