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State Duma approves amendments to 2016 year budget in first reading

October 21, 2016, 14:36 UTC+3
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MOSCOW, October 21. /TASS/. The State Duma approved amendments to 2016 in the first reading at its plenary session on Friday. Amendments provide for budget deficit outlook downside to 3.7% of GDP.

The Finance Ministry forecasts the deficit will grow from 2.3 trillion rubles ($36.9 bln) to 3 trillion rubles ($48.1 bln). Amendments also upgraded the GDP estimate for this year from 78.7 trillion rubles ($1.3 trillion) to 82.8 trillion rubles ($1.33 trillion).

Inflation indication is lowered from 6.4% to 5.8%. Expenses are projected to grow by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($262.9 bln), while revenues are set to decline by 370 bln rubles to 13.3 trillion rubles ($5.9 bln).

The draft budget for the next three years will be presented to the State Duma by October 28.

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