Russian minister for economy predicts budget deficit and GDP fall

Russian Minister for Economic Development Alexey Ulyukayev predicts a budget deficit of 2 trillion rubles and a GDP fall of 3% in 2015, should the price for oil total $60 per barrel, Interfax reports.

Income will drop by 1.5 trillion rubles, additional expenses to raise social payments due to inflation will reach 400-500 billion rubles.

The minister noted that the Reserve Fund may be used to cover the deficit, expenses may be cut.