Tuesday, October 30 2012 18:28

7.1% economic growth in Armenia in 2012 is a quite realistic figure


ArmInfo. In the second half of this year the economic growth will keep its pace. So, the planned 7.1% level seems to be quite realistic, Chairman of the Central Bank of Armenia Artur Javadyan said in the Armenian Parliament on Tuesday.

He said that in Q1 2012 the index was 5.6%, in Q2 2012 6.2%.

He said that in 2012 the CB's fiscal policy was aimed at reducing the budget deficit, keeping inflation law and stimulating economic growth. In Jan-July 2012 as compared with Jan-July 2011 tax revenues grew by 7.1%, budget expenses grew by 2%. At the end of this year budget deficit will make up 2.8% of GDP against 3.1% in 2011. Inflation will stay within planned 4% (1.5%).

In 2012 budget deficit is planned at 132.539bln AMD or 3.1% of GDP, revenues 911.640bln AMD or 21.6% of GDP, including 732.3bln AMD in tax revenues, expenses 1,044.1bln AMD or 24.8% of GDP. GDP is expected to grow by 4.2% to 4,218.6bln AMD.
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