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    Russia to cut budget deficit to 2.9 pct of GDP in 2013

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    Russia is going to halve its budget deficit to 2.9 percent of GDP by 2013 in line with agreements reached at the G20 Group summit in South Korea, a Russian delegation source said on Thursday.

    Russia is going to halve its budget deficit to 2.9 percent of GDP by 2013 in line with agreements reached at the G20 Group summit in South Korea, a Russian delegation source said on Thursday.

    "The federal budget deficit is expected to stay within 3.6 percent of GDP in 2011, 3.1 percent of GDP in 2012 and 2.9 percent of GDP in 2013," the source told RIA Novosti.

    The deficit could be partly cut through the government's exit from stimulus measures, the source said.

    "At the same time, some stimulus measures will be continued, for example, state support on the labor market, interest rate subsidizing and measures to support the automobile industry, aerospace and other sectors," he said.

    The government's program to raise the efficiency of budget spending until 2012 could also help reduce the budget deficit, the source said.

    SEOUL, November 11 (RIA Novosti)

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