The budget deficit of the Russian Federation in 2010, according to updated data, amounted to 4.1% of GDP instead of 3.9% of GDP announced earlier. Such data was presented on Thursday by Deputy Prime Minister and Minister of Finance of the Russian Federation Alexei Kudrin, speaking at a meeting of the board of the Federal Treasury.

“We have now clarified (the budget deficit for 2010), it is 4.1%,” Interfax quotes the head of the Ministry of Finance . Kudrin noted that the adjustment is associated with a lower-than-expected GDP volume.

According to the minister, budget revenues in 2010 amounted to 8.303 trillion rubles, or 18.7% of GDP. Expenses during the reporting period reached 10.115 trillion rubles, or 22.7% of GDP.

The head of the Ministry of Finance clarified that the budget deficit of 4.1% of GDP developed with an average oil price of $78.2 per barrel. “This 4.1% for the prices that prevailed last year at $78.2 per barrel is a high deficit,” he stated.

Kudrin recalled that the government allows a budget deficit for the period of crisis and recovery from it, but already in 2015 it is expected to reach a deficit-free budget. The oil price in 2015 is set at $90 per barrel.

The Minister of Finance noted that the risks of dependence on oil export revenues are very high for the budget, and the country must have a margin of safety.

He recalled that in July 2008 the price of oil reached $130 per barrel, but in December 2008 it dropped to $32 per barrel.

“This means that the risks of receiving income from export activities are very high for the budget. We must always have a margin of safety,” summed up the Deputy Prime Minister.

Kudrin: the Russian budget deficit in 2010, according to updated data, amounted to 4.1% of GDP