MOSCOW, March 1 (RIA Novosti) - Russia's GDP will grow 5.7% in 2007 and 5.9% in 2008, the Finance Ministry's press service said Wednesday.
The forecast is set out in the adjusted financial plan for 2006-2008 approved by the government's budget drafting commission.
"[The financial plan] suggests that the exchange rate of the dollar will be 27.9 rubles per dollar in 2007, and 28 rubles in 2008," the ministry said.
The oil price on which the 2007 and 2008 budgets are based is $46 per barrel, with the cut-off price for the Stabilization Fund, set up to accrue windfall profits from high world oil prices, at $27 per barrel.
Budget revenues in 2006 are estimated at 5.6062 trillion rubles ($200 billion), which is 660.1 billion rubles ($23.56 billion) less than the figure in the federal law on the 2006 budget.
Budget revenues in 2007 and 2008 are expected to be 5.8285 trillion rubles ($208.01 billion) and 6.5874 trillion rubles ($235.1 billion) respectively.
Budget expenditure will rise 243.8 billion rubles ($8.7 billion) in 2007, and 181.2 billion rubles ($6.47 billion) in 2008.
Spending on priority national projects will increase by 36.6 billion rubles ($1.31 billion) in 2007 and 38.3 billion rubles ($1.37 billion) in 2008. Investment spending will increase by 193.9 billion rubles ($6.92 billion) in 2007 and 133.9 billion rubles ($4.78 billion) in 2008.
The plan also includes adjusted expenditure on wages for public sector workers in view of the indexation slated to be held in two stages in 2006. For this purpose, the government has earmarked an additional 13.2 billion rubles ($471.09 million) for 2007, and 8.9 billion rubles for 2008.
According to the document, the Stabilization Fund will have accumulated 2.0992 trillion rubles ($74.92 billion) by the end of 2006, and reach 4.0604 trillion rubles ($144.91 billion) by late 2008.
The commission has ordered the Finance Ministry to draw up a relevant draft government regulation and submit it for consideration within three days.
