Wednesday, October 3 2012 16:55
Central Bank of Armenia: 2011 saw growing economic activity and macroeconomic stability in Armenia
ArmInfo. In 2011 Armenia's budget deficit made up 105.7bln AMD – 53bln AMD less than planned and 68.2bln AMD less than a year before, Chairman of the Central Bank of Armenia Artur Javadyan said in the parliament on Wednesday.
He said that the CB's tough monetary-credit policy and the Government's efforts to reduce the budget deficit brought inflation back to admissible 4.7%. "2011 was a year of growing economic activity and macroeconomic stability," Javadyan said.
He said that in 2011 the budget deficit made up 2.8% of GDP against planned 3.5% and 5% in 2010. 62.4% of the deficit was financed by internal sources, 37.6% by external ones.
"The revenues grew by 12.9%, the tax revenues by 10.1%. The share of tax revenues in GDP grew by 0.4% to 20.4%. The expenses made up 25.8% against planned 26.6% and 27.3% in 2010," Javadyan said.
He said that the well-balanced fiscal policy conducted by the government in 2011 will create a real basis for further macroeconomic stability and low inflation.
According to the law on the national budget of Armenia in 2011, the revenues made up 852.4bln AMD, the expenses 1.001trl AMD, the deficit 148.6bln AMD.
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