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Russia's budget deficit widens to 3.7 percent of GDP in first quarter

Xinhua, April 15, 2016 Adjust font size:

Russia's federal budget deficit amounted to 712.9 billion rubles (10.8 billion U.S. dollars at current price), or 3.7 percent of the country's gross domestic product in the first quarter of 2016, the Russian Finance Ministry said Friday.

Federal revenue totaled 2.908 trillion rubles in the first three months, while federal expenses reached 3.621 billion rubles, said the ministry.

The Russian economy has plunged into recession since 2014 amid the drop of global oil prices and Western sanctions imposed over Moscow's alleged intervention in the Ukraine crisis.

But Russia's federal finances were relatively robust with low sovereign debt and the budget deficit had been controlled within 3 percent of its GDP, proportionately less than that in a number of European Union states. Endi