Russia’s President Dmitry Medvedev has inked the act on amending federal budget for 2008 through 2010, the president’s news service reported. State Duma passed the document July 4, 2008 and the Federation Council endorsed it July 11.
Pursuant to the new act, the federal budget receipts will step up by 908.8 billion ruble to 8,965.7 billion ruble (21.23 percent to GDP) in 2008, gain 463.9 billion ruble to amount to 9,518.3 billion ruble (19.58 percent to GDP) in 2009 and increase by 994.2 billion ruble to 10,402.4 billion ruble (18.68 percent to GDP) in 2010.
Less the oil and gas revenues, the growth in budget receipts will amount to 130.5 billion ruble in 2008, 280.4 billion ruble in 2009 and 354.3 billion ruble in 2010.
The federal spending will grow as well. The amount will go up by 120.4 billion ruble (up 1.7 percent) in 2008, step up 463.9 billion ruble (up 5.6 percent in 2009) and grow by 632.7 billion ruble (up 7.0 percent) in 2010.
So, the federal budget receipts will equal 7,530 billion ruble, or 16.6 percent of GDP in 2008, 8,746.6 billion ruble, 18.0 percent of GDP, in 2009 and 9,667.4 billion ruble, or 17.4 percent GDP in 2010.
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