Russia raises 2015 budget deficit forecast to 3.8% of GDP

Moscow: Russia’s Finance Ministry has increased its forecast for the country’s 2015 budget deficit to 3.8 per cent of gross domestic product, a document seen by Reuters showed. The document also showed that the ministry sees the average rouble exchange rate at 61.5 roubles per dollar for 2015, in line with Economy Ministry forecasts. On Friday, the Finance Ministry said it projected a budget deficit of 3.7 per cent of GDP this year — a large increase compared with the 0.6 per cent deficit originally planned for 2015.