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Oil and gas outweighs in worsening budget structure, minister says

December 26, 2013, 15:49 UTC+3 MOSCOW
The share of oil and gas revenue has surpassed non-oil and gas earnings again
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Russia's Finance Minister Anton Siluanov

Russia's Finance Minister Anton Siluanov

© ITAR-TASS/Valery Sharifulin

MOSCOW, December 26. /ITAR-TASS/. Oil and gas revenue dominated Russia's budget revenue again this year, according to Finance Minister Anton Siluanov.

Income from other sectors of the economy fell short of expectations by about 550 billion rubles (about $16.7 billion), he told Russia-24 TV channel.

Budget structure had changed considerably for the worse this year, he said, noting “The share of oil and gas revenue has surpassed non-oil and gas earnings again.”

High oil prices, currently about $108 a barrel, had kept the budget deficit at about 0.5 to 0.6 of GDP against the estimated 0.7%, Siluanov said.

More thorough budget execution was needed, he said, calling planned expenditure “unbearable”. The government had already set budget ceilings. Federal programs previously approved should be revised by next February, the minister added.

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