The F-2, F-G, R = F-L/F-T proton structure functions are derived in th
e QCD dipole picture. Assuming k(T) and renormalization-group factoriz
ation, we relate deep-inelastic proton scattering to deep-inelastic on
ium scattering. We get a three-parameter fit of the 1994 H1 data in th
e low-x, moderate Q(2) range. The ratios F-G/F-2 and R are predicted w
ithout further adjustment. The dipole picture of BFKL dynamics is show
n to provide a relevant model for quantitatively describing the proton
structure functions at HERA. The predictions for F-2 and F-G are comp
atible with the next-to-leading order DGLAP analysis, while R is expec
ted to be significantly lower at very small x.