Russian budget revenue to account for 16% of GDP in 2009 - Putin

(BUDGET, GDP, RUSSIA, 2009, REVENUE, PUTIN, WHICH)

NOVO-OGARYOVO, June 28 (RIA Novosti) - Federal budget revenue will account for about 16% of national GDP in 2009, and the same figure is expected in 2010-2012, Russian Prime Minister Vladimir Putin said on Sunday.
At a meeting with the heads of State Duma factions, Putin said that some estimates put this figure at 15.7%-16.5% of GDP.
"This is a normal and stable level of revenue, which we count on," he said, adding that budget revenue made up 23-24% of GDP in the pre-crisis years.
Russia has been hard hit by the global financial crisis, which has forced the government to review spending amid declining revenues, while maintaining social commitments.
The premier said that the budget deficit should not exceed 2-3% of GDP in the future.
In 2009, Russia is expected to post a budget deficit for the first time in recent years. Russia`s Finance Ministry expects the budget deficit to reach 7.5%-9% of GDP in 2009, and up to 10% of GDP in 2010 taking into account spending from the National Welfare Fund.
Putin said the yearly price of oil could average $50-55 per barrel in 2009, compared with the price of $41 projected in the federal budget.
The global financial crisis has forced Russia, which receives a large part of its revenue from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel in early 2009, before climbing back in recent weeks to about $70.
Putin also said that Russia would continue its ban on imports of agricultural equipment this year and next year.
"We will not yield to pressure to open up our market for imported agricultural equipment," Putin said.
 
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