MOSCOW, September 1. /TASS/. The federal budget deficit in Russia may be above the earlier targeted indicator of 1.7% of GDP, a source familiar with the budgeting progress told reporters.

"We have already made revisions for the deficit. It became slightly higher - 1.7% of GDP. Probably, it will be a bit higher. I mean the cooldown is actually underway, the economy gears down at a pace quicker than expected," he noted. "Probably it will be above 1.7%," he added.

If earlier the economic growth rate in Russia was expected to be 1.5%, now the figure for the GDP growth is 1.2%, the source noted. "Accordingly, the resource base is also contracting. We will therefore mobilize resources in this year and will accordingly prepare the budget for the next year on such basis," he stressed.