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News // Russia

Russia's 2007 Budget Draft 6 pct Higher

28 August 2006 , 13:39640
The Russian government's draft federal budget for 2007 forecasts 6 percent growth of the Russian economy next year.

Prime Minister Mikhail Fradkov signed the budget and submitted it to the lower house of parliament, the State Duma, on Saturday for approval.

While economic growth is expected to be 6 percent in 2007, federal revenues are expected to total 6.9 trillion rubles (263 billion U.S. dollars) and expenditures are estimated at 5.4 trillion rubles (207 billion dollars).

Russia's economy grew 6.4 percent last year. The country has seen its state coffers swelling at a time of record energy prices as it is the world's second largest oil exporter after Saudi Arabia and provides about a quarter of the gas consumed in the European Union.

But earlier this month, Finance Minister Alexei Kudrin warned that the dependence of the country's budget on revenues from oil and natural gas has reached alarming levels.

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