Saturday, March 29 2014 18:10
Armenian CB: Armenia's state budget deficit for 2014 to make up 2.3% to GDP with subsequent decline
ArmInfo. The state budget deficit is 2014 will make up 2.3% to GDP, according to the Armenian Central Bank's fiscal policy program for Q1 2014. The CB forecasts a 0.3percentage point decline of the budget deficit in 2015 as compared to 2014 - to 2% to GDP. This indicator will not change in 2016.
According to CB's data, the ratio of the state budget revenues to GDP will total 24% in 2014, fall to 23.6% to GDP in 2015 and then go up to 23.9% in 2016. Meanwhile, the annual indicator of the state budget expenditures- to- GDP ratio will traditionally be higher - 26.4%, 25,6% and 25,9% respectively in 2014, 2015 and 2016. The CB forecasts a growth of both capital and current expenditures of the state budget for 2014.
Financial leverage ratio will total 1.5 and will be expandable, mainly in the second half of 2014, which will stimulate economic activity. The fiscal policy forecasts are mainly based on the indicators of the program of the State Mid-term Expenditures of the Republic of Armenia for 2015-2016. The program aims to ensure the state budget deficit in line with the stable indicator of the state debt in the mid-term outlook.
According to the source, the share of the debt interest payments in GDP in 2014 will total 1.34%, then fall to 1.17% in 2015 and go up insignificantly in 2016 - to 1.18%. The fiscal position to GDP ratio will total 1,3% in 2014, 0.4% in 2015 and 0.1% in 2016.
The fiscal deficit to GDP ratio in 2013 was 0.2% versus 1.5% in 2012. The ratio of the state budget revenues to GDP in 2013 totaled 23.9% versus 23.7% in 2012 and the ratio of the budgetary expenditures to GDP made up 24.1% in 2013 versus 25.2% in 2012. The share of the debt interest payments to in GDP in 2013 totaled 1.09% versus 1.01% in 2012 and the fiscal position to GDP ratio totaled 1% in 2013.
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