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Putin states reduction of Russia’s federal budget deficit

The Russian leader drew attention to the dynamics of non-oil and gas revenues and noted that one of the positive indicators of business activity was bank lending

MOSCOW, July 25. /TASS/. Russia’s federal budget deficit for January-June amounted to 2.6 trillion rubles ($28.7 bln), which is 1.6% of the expected GDP for the year, Russian President Vladimir Putin said at a meeting on economic issues.

"Positive economic dynamics is the key to the stability of public finances. In the second quarter, the federal budget deficit decreased: it amounted to 510 billion rubles ($5.6 bln), and in general for January-June it was 2.6 trillion rubles. This is 1.6% of the expected GDP for the year. Let me remind you that initially, when drafting the budget, a deficit of 2% of GDP was forecast," he said.

He also drew attention to the dynamics of non-oil and gas revenues. "For half a year they have grown decently - by 17.8%, and in the second quarter the rate was 43.5%," the President cited the statistics.

"Along with good dynamics in the manufacturing industries, all this indicates the strengthening of the real sector, the expansion of the domestic manufacturing business," he added.

Putin also noted that one of the positive indicators of business activity is bank lending. According to preliminary data, as of July 1, the annual increase in ruble corporate loans exceeded 21%, and loans to individuals - 16.7%.

"Such lending volumes speak of the growing needs of businesses for raw materials, equipment. The demand of citizens for final products is also growing, which means that in the coming quarters high growth rates of the economy and state budget revenues will remain," the President summed up.

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