MOSCOW, Dec. 2 (Xinhua) -- Russian President Dmitry Medvedev on Wednesday signed into law the draft budget for 2010 and basic budget parameters for 2011-2012.

    The 2010 budget will run a deficit of 6.8 percent of Russia's gross domestic product (GDP), or 2.9 trillion rubles (about 100 billion U.S. dollars). The budget deficit will gradually decline to 4 percent of the GDP in 2011 and 3 percent in 2012.

    Under the draft, budget revenues will stand at 6,95 billion rubles (238 billion dollars) in 2010, and government expenditure will total 9,89 billion rubles (338 billion dollars).

    The key budget parameters were calculated on the basis that average annual price for Urals crude, Russia's main export earner, stays at 58 dollars per barrel in 2010, 59 dollars per barrel in 2011 and 60 dollars per barrel in 2012.

    Russia's economic growth is estimated to hit 1.6 percent in 2010, and then further rise to 3 percent and 4.3 percent in 2011 and 2012.

    The government plans to keep inflation within 9-10 percent in 2010 and reduce it to 8 percent in 2011 and to 7 percent in 2012.