Low rise in Armenian budget revenues amid high growth in expenditures increase deficit to 115.5 bln AMD by 1 Oct 2015

ArmInfo.  In Jan-Sept 2015 the budget deficit in Armenia totaled 115.5 bln AMD, the National Statistical Service of Armenia reports. The budget deficit grew 16-fold as compared to Jan-Sept 2014.  

In Jan-Sept 2015 versus Jan-Sept 2014, the budget revenues of Armenia grew by 1.9% to 842.5 bln AMD, while the expenditures rose by 14.8% to 958 bln AMD. In September alone, the budget deficit totaled 18.5 bln AMD, with revenues amounting to 102.1 bln AMD and expenditures - 120.6 bln AMD.

In Jan-Sept 2015 versus Jan-Sept 2014, the tax revenues were up by 1.2% to 787.3 bln AMD (revenues from VAT dropped by 3.2% to 313.4 bln AMD, those from profit tax were down 9.6% to 79.9 bln AMD, excise tax - up 1.7% to 35.1 bln AMD. The revenues from customs duties grew by 26.6% to 46.7 bln AMD, with those from income tax growing by 7.6% to 225.4 bln AMD). The share of subsidies in the budget expenditures rose over year by 16.2% to 23 bln AMD. 

In September alone, the tax revenues totaled 93.9 bln AMD (from VAT - 36 bln AMD, profit tax - 9 bln AMD, excise tax - 4.7 bln AMD, customs duties - 5.3 bln AMD, and income tax - 26.2 bln AMD).  The share of subsidies in the expenditures was 1.9 bln AMD. (In Jan-Sept 2015, the average AMD/USD exchange rate was 477.71 AMD/$1, and in September 2015 - 481.07 AMD/$1).

To recall, in Jan-Sept 2014 the budget deficit was 7.2 bln AMD versus 36 bln AMD surplus a year before, with revenues amounting to 827.1 bln AMD, and expenditures - 834.3 bln AMD.