Moscow, Oct 4 (IANS): The Russian Finance Ministry predicts that the country's budget deficit may reach three trillion rubles (about $48 billion) in 2016, authorities said on Tuesday.

The Finance Ministry forecast that Russia's budget deficit may exceed 3.66 per cent of the GDP in 2016, according to a document published in its official legal information site.

According to the document, the ministry has reduced revenues by 370 billion rubles ($5.9 billion) to 13.3 trillion rubles ($210 billion), Xinhua news agency reported.

It has also increased the expenditures by over 300 billion rubles ($4.8 billion) to 16.4 trillion rubles ($260 billion), said the document.

In 2015, Russia's federal budget was 2.6 per cent in deficit, amounting to some 1.9 trillion rubles ($30 billion), according to the ministry.

The federal budget has come under increasing pressure from falling oil prices and a falling GDP growth rate throughout 2015.

Russian President Vladimir Putin has ordered the Finance Ministry to control the budget deficit within 3 per cent of the GDP in 2016.

In the first half of the year, the budget deficit amounted to 3.7 per cent of the GDP, said the ministry.