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  Thursday, June 20, 2019
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Vladimir Putin has signed a bill into law allowing for changes to the 2005 budget
Russian President Vladimir Putin has signed a bill into law allowing for changes to the 2005 budget. The amendments increase 2005 budget revenues to 4.979 trillion rubles (about $175 billion) and expand state spending by 16% to 3.539 trillion rubles (about $124 billion). Russia's GDP is now expected to reach 21 trillion rubles (about $736 billion) instead of the projected 18.7 trillion rubles (about $656 billion). Inflation will hit 10-11% by the end of the year, instead of the anticipated 7.5-8.5%. The price of Russia's Urals crude was raised by $20 per barrel compared with the previous projections and the price of natural gas went up by $32.6 per 1,000 cu m. Administrative expenses were raised by 61 billion rubles (about $2.1 billion), national security and law-enforcement spending increased by 56.4 billion rubles (about $1.9 billion) and national defense expenses expanded by 47.2 billion rubles (about $1.6 billion). The lower house of parliament, the State Duma, passed the bill October 19. It was ratified by the Federation Council, parliament's upper house, October 26
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