?€™09 Deficit May Reach 7% of GDP

By Bloomberg

Dec. 11, 2009

The budget deficit may be wider this year than official estimates show, Deputy Economic Development Minister Andrei Klepach said Thursday, even after the shortfall in the first 11 months indicated state coffers have benefited from oil windfall.

The deficit may reach “about 7 percent” of gross domestic product in 2009, Klepach said. That compares with a 4.9 percent shortfall in the year through November.

Finance Minister Alexei Kudrin on Nov. 25 said the deficit will be 6.9 percent this year. Strategists have estimated that state finances would benefit from higher oil revenue.

The gap will be equivalent to about 6.2 percent to 6.5 percent of GDP in 2010, Klepach said in a Dec. 1 interview.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue