Armenian Government undertook measures in 2016 aimed at development of economy of the country in the future

ArmInfo. In 2016, Armenian Government took a number of measures aimed at developing the country's economy in the future. RA Minister of Finance Vardan Aramyan on July 6 stated in the country's Parliament, presenting the annual report on the implementation of the state budget of 2016.

According to him, since 2011, global trends have been associated with a decline in world metal prices, reflecting  the economy of Armenia, as a significant part of exports is produced by the mining industry.  During this period, metal prices fell three times. Not the least role was played by the sanctions imposed by Western countries against Russia in 2014. Meanwhile, the economy of Russia has a significant impact on the economies of the region, which could not but affect the economic development of Armenia. As a result, this affected the volume of transfers and exports, which led to a slight increase in GDP of the country in comparison with previous years - only 0.2%. The deficit of the state budget of Armenia for 2016 amounted to 272.5 billion AMD versus  245 billion AMD for 2015. In the state budget of Armenia, the deficit for 2016 was laid at 197 billion AMD (3.5% of GDP). Thus, the deficit for the year turned out to be higher than the planned figure of 75.5 billion AMD in the state budget. The state budget revenues for 2016 grew by only 0,7%, amounting to 1,154.9 billion AMD.

In the structure of state revenues, taxes and duties for 2016 amounted to more than 1 079.7 billion AMD, an increase of 1.1%. At the same time, the incomes received by the state budget under the VAT line amounted to 391 billion AMD (a decline of 7.7%). According to excise tax, the figures were 59.7 billion AMD (an increase of 22%), the income tax - 127.1 billion AMD (an increase of 22.7%), income tax - 332.7 billion AMD By 6.7%), customs duties - 55.4 billion AMD (a 9.9% decline), a turnover tax of 15.2 billion AMD (a decline of 28.7%). Other state budget revenues for the year of 2016 amounted to 59.8 billion AMD against 69 billion AMD collected in 2015, and amounts on official grants exceeded 15.4 billion AMD against 10.2 billion AMD. Expenditures of the state budget for 2016 increased by 2.5% and amounted to 1 427.5 billion AMD. At the same time, the expenditure indicator includes an assessment of loan funds for offices (offices) for the implementation of targeted programs financed from external sources. The current expenditures of the budget of Armenia for the past year amounted to 1 258.8 billion AMD (an increase of 3.3%), of which salary expenses totaled 142.4 billion drams (an increase of 0.8%). At the same time, expenditures on social benefits and pensions were at the level of 405.2 billion AMD (an increase of 3.6%), purchase of goods and services - 161.1 billion AMD (37.6% decrease), grants - 157 , 4 billion drams (an increase of 2.9%), subsidies - 120.8 billion AMD, interest payments - 98.3 billion AMD (an increase of 32.7%) and other expenses - 173.48 billion AMD (An increase of 3.6%). In the state budget of Armenia for 2016, the expenditure item is planned at the level of 1 trillion. 373.7 billion AMD, and profitable - 1 trillion. 183 billion AMD.

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