- Central bank forecasts 5 pct 2011 GDP growth
- Russia to cap annual defense budget at 2.8% GDP for next decade
- Russia should limit 'non-energy' budget deficit to 4-5% of GDP in 2012-2014 - Kudrin
- Russia's tax burden to grow by 2 pct of GDP over lack of reform warns Kudrin
- World oil prices may fall to $60 per barrel in three years warns minister
Russia's oil and gas revenues will fall to 13% of gross domestic product (GDP) in 2020 from 17% of GDP in 2009, Finance Minister Alexei Kudrin said on Thursday.
"Income from the oil and gas sector amounted to 17% of GDP in 2009, while in 2020 they will only be 13% of GDP meaning the sector will shrink and will not produce the same amount of GDP income," Kudrin told the Audit Chamber.
Oil and gas output is falling and is not expected to grow insignificantly, he said.
MOSCOW, December 9 (RIA Novosti)
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The growing outright rivalry between the United States and China gives Russia more foreign policy weight, enabling it to assume the role of a balancer. So far it has been doing so rather skillfully. Today it may participate in a joint naval exercise with China that Beijing positions as outwardly anti-American. But tomorrow it can team up with the naval forces of the Old World.