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Russian State Duma passes draft federal budget-2013 in first reading

October 19, 18:08 UTC+4
The federal budget for 2013 is based on a forecasted GDP of 66.515 trillion roubles
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MOSCOW, October 19 (Itar-Tass) — Russia’s State Duma lower parliament house on Friday passed in the first reading a bill on the draft federal budget for 2013 and for a longer period of 2014-2015. The bill was submitted by the Russian government.

The forecasted federal budgetary revenues in 2013 are fixed at 12,865.9 billion roubles, budgetary spending – at 13,387.3 billion roubles, thus, the budget deficit is set at 521.4 billion roubles. In 2014, these indices will be 14,063.4 billion roubles, 14,207 billion roubles, and 143.6 billion roubles, respectively; and in 2015 – 15,615.5 billion roubles, 15,626 billion roubles, and 10.8 billion roubles.

The federal budget for 2013 is based on a forecasted GDP of 66.515 trillion roubles, inflation rate below 5.5 percent, and the rouble exchange rate against the U.S. dollar of 32.4 roubles per one U.S. dollar. The figures for 2014 are as follows: GDP of 73.993 trillion roubles, inflation rate of five percent, the rouble exchange rate of 33 roubles per U.S dollar. The figures for 2015 are: GDP of 82.937 trillion roubles, inflation rate of five percent, the rouble exchange rate of 33.7 roubles per U.S dollar.

For the first time, the draft budget is based not on the forecasted oil price but on the basic oil prices calculated under the so-called budgetary rule for several years. Macroeconomic forecasts for 2013, 2014 and 2015 are based on an oil price of 97, 101, and 104 U.S. dollars per barrel, respectively. Under the budgetary rule, oil prices are fixed at 91, 92 and 93 U.S. dollars per barrel, respectively.

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