15 June 2004 16:03
FINANCE MINISTRY UPS 2004 SURPLUS FORECAST TO 2.4% OF GDP
MOSCOW. June 15 (Interfax) - The Finance Ministry projects the federal budget surplus for 2004 will reach 378.35
billion rubles or 2.4% of GDP, five times higher than initially indicated in the budget for this year.
The 2004 budget includes a surplus of 83.4 billion rubles or 0.5% of GDP, revenue of 2.743 trillion rubles or 17.9%
of GDP, and spending of 2.659 trillion rubles or 17.4% of GDP.
The Finance Ministry's adjusted forecast put revenue at 3.029 trillion rubles or 19.3% of GDP and spending at
2.65 trillion rubles or 16.9% of GDP.
"Most of the increase in revenue is the result of oil prices that are $7 per barrel higher than planned in the
2004 budget," the ministry said. The ministry had forecast an average annual oil price of $22 per barrel this
year.
The Finance Ministry also adjusted the average annual exchange rate to 29.1 rubles/$1 from 31.3 rubles/$1.
The GDP forecast was increased to 15.69 trillion rubles from 15.3 trillion rubles.
[Interfax] |
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