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Russia's Q1 Budget Deficit Narrows

Russia's budget gap decreased in the first quarter as higher oil prices underpinned revenues, the Finance Ministry said Friday.

The budget deficit dropped to RUB 121.3 billion, or 0.9 percent of gross domestic product in the first quarter. The government sees 2012 deficit at 1.5 percent of GDP.

In the first quarter, revenues totaled RUB 2.9 trillion and spending at RUB 3.1 trillion.

by RTT Staff Writer

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