By Laura Mills

MOSCOW--Russian President Vladimir Putin said Friday that Russia's economy is stable, though he suggested the budget deficit could grow slightly this year.

In a meeting with government officials, Mr. Putin said the budget deficit could rise to 3.8% or 3.9%, slightly above the government's previous prediction of 3.7%, according to a Kremlin statement.

Mr. Putin said the economic situation was "stable" in Russia and said the country was well on its way to bringing down inflation to "acceptable levels."

Russia's economy shrunk 3.7% last year in the wake of Western sanctions and low oil prices, and is on track to shrink again this year.

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(END) Dow Jones Newswires

November11, 2016 08:14 ET (13:14 GMT)

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