Macroeconomic Forecast Russia

State expenditures rose to RUB3,687bn in January-May, while revenues came in at RUB3,196bn over the same period, brining the fiscal deficit to RUB491bn. The figures keep our forecast for a deficit of RUB2,752bn broadly on track, which should see the shortfall total 6.3% of GDP. While not a concern at present, we believe that the government will start to rein in the deficit from 2011, when we forecast it to come in at 4.5% of GDP, falling to 0.5% by

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