Monday, May 23 2016 13:40
Alexandr Avanesov

Chief Treasurer of Armenia: All programs scheduled for 2015 have been implemented at full

Chief Treasurer of Armenia: All programs scheduled for 2015 have been  implemented at full

ArmInfo. Parliament of Armenia held hearings on the implementation of the state budget of 2015, on May 23. Deputy Minister of Finance, Chief Treasurer of Armenia Atom Jhanjugaszyan said all the programs scheduled for 2015 have been implemented at full.

He said the unfavorable situation with the economies of the partner-countries, the falling global metal prices, reduction of the money remittances from Russia, has affected dramatically the incomes of households in Armenia. The falling financing of the country's economy also had an adverse effect on the situation. 
 
In 2015, GDP growth rates totaled 3% versus the target of 4.1%. Economic growth depended on the increase in the field of agriculture and forest management (11.4%), the industrial field, including energy sector (6.3%), and service sector (0.4%). 
 
Jhanjugaszyan said ultimate consumption last year decreased 6.5%, capital investments 5.1%. Private investments in the capital construction fell 8.9%, amid 11.7% growth of the government investments.  Inflation for the period under review averaged 3.7%, which meets the target of 4% (+/- 1.5%).  The chief treasurer said that in 2015, the average salary increased 7.8%, including 8.8% in the state-run enterprises and 6.6% in the private sector.  The 
average level of unemployment in the period under review made up 18.5% which was 0,5% more than a year ago. The budget deficit fell too, accounting for 1.6% of GDP versus 4.6% a year ago.  The unfavorable balance of trade fell by $902 million to 10.9% of GDP. Foreign trade turnover in 2015 totaled $4.745 billion falling 20.6% as compared to 2014. 
 
According to the National Statistical Service of Armenia, in 2015, the budget deficit increased sharply 2.5- fold versus 9-fold decline in 2014. In Jan-Dec 2015, the budget deficit reached 231.2bln drams ($478mln).  The budget revenues increased only by 0.9% to 1.147 trillion drams, while expenditures increase dramatically  - 12.2% to 1.378 trillion drams. 
 
(The exchange rate of the Central Bank for Jan-Dec 2015 averaged 477.92 AMD/1USD, and in Dec alone - 482.93AMD/1USD).  
 
In Jan-Feb 2016 the budget deficit in Armenia totaled 14.04 bln AMD ($28.7 mln), the National Statistical Service of Armenia reports. The budget deficit grew 2.5-fold as compared to Jan-Feb 2015.  The budget revenues of Armenia dropped by 2% to 155.6 bln AMD, while the expenditures rose by 4.1% to 169.9 bln AMD. In February alone, the budget deficit totaled 35.3 bln AMD, with revenues amounting to 79.9 bln AMD and expenditures - 115.2 bln AMD.  In Jan-Feb 2016 versus Jan-Feb 2015, the tax revenues were down by 2% to 149.6 bln AMD. 
Revenues from VAT dropped by 7.7% to 58.8 bln AMD, those from taxes for use of natural resources dropped by 51.7% to 1.98 bln AMD, those from profit tax were up 17.1% to 13.1 bln AMD, excise tax - up 11% to 7.4 bln AMD. The revenues from customs duties fell by 25% to 6.8 bln AMD, with those from income tax growing by 3.5% to 48.1 bln AMD. The revenues from fixed payments grew by 6.1%, from the turnover tax - by 31.6% - to 2.5 bln AMD, with those from target social payments - by 31.5% to 1.7 bln AMD.  In the meantime, the budget expenditures on acquisition of goods and services fell by 33.8% to 16.6 bln AMD, and those on non-financial assets - by 18.3% to 2.7 bln AMD. The share of subsidies in the budget expenditures rose over year 4.9-fold to 13.9 bln AMD, the interest payment on the government debt - by 16% to 9.8 bln AMD, the expenses on the grants - by 7.4% to 23.2 bln AMD, with those on benefitrs and pensions - by 5.5% to 63.1 bln AMD. The expenses on wages made up 17.2 bln AMD, with a 5.1% growth versus Jan-Feb 2015. 
 
In Jan-Dec 2014, the budget was implemented with a 91,7 bln drams deficit versus 10.2bln drams deficit in 2013.
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