Russia lowers budget deficit target for 2012

Moscow, April 25 (IANS) Russia's federal budget deficit is expected to shrink to 0.1 percent of its gross domestic product (GDP) in 2012, down from a previous forecast of 1.5 percent, the finance ministry said.

The state budget deficit will amount to 68.144 billion rubles ($2.311 billion) in 2012, or 0.1 percent of the GDP, the ministry said Tuesday.

The previous forecast had set the deficit to a target of 876. 589 billion rubles ($29.724 billion), or 1.5 percent of the GDP, Xinhua reported.

The ministry said that Russia's GDP in 2012 will reach 60.59 trillion rubles, increasing by about 3.2 percent when compared to an earlier estimate.

Prime Minister and President-elect Vladimir Putin has said that Russia aims to reach a zero deficit budget by 2015.