Thursday, September 28 2017 14:14
Naira Badalian

Vardan Aramyan: Armenia`s GDP growth in 2018 will be 4.5%

ArmInfo. The GDP growth of Armenia in 2018 is projected at 4.5%. This was stated by the Minister of Finance of Armenia Vardan Aramyan on September 28 at a meeting of the government presenting the draft budget for the next year for approval of the Cabinet.  According to the minister, the forecasts of economic growth for the next year are largely due to the outlined positive dynamics this year. The GDP growth by the end of the year, as Aramyan noted, promises to be higher than planned in the Budget-2017 indicator of 3.2%, as evidenced by high economic activity indicators for the first 8 months of this year. - in the range of 5-5.5%. Thus, as the head of the Ministry of Finance stated, Armenia will close 2017 with GDP growth in the range of 4-4.8%. "Taking into account the positive trends and based on the forecasts of the Central Bank of Armenia, the Ministry of Finance raised forecasts for economic growth up to 4.3% in 2017," Vardan Aramyan said.

In general, when presenting the main indicators of the draft budget, Aramyan noted that GDP growth for the next year is expected at 4.5%. In order to ensure economic growth, one of the locomotives will be the industry with growth of 6.5%, the agricultural sphere will record 4% growth.  Armenia, despite the difficulties, was able to show a conservative approach in the field of current expenditure, the head of the Ministry of Finance noted. The draft budget provides for the growth of current expenditures in the range of 2-2.5%. In the meantime, capital expenditures increased, in order to provide the basis for the expected economic growth. The defense sector will also receive more funds in the coming year compared to the current one.

The budget for 2018 envisages a nominal GDP growth of 5 850 billion drams. The total budget revenues will grow by 100 billion drams due to the increase in tax revenues. So, the consolidated budget of Armenia for the year 2018 in terms of revenues will make 1.307 trillion drams (without the receipt of intergovernmental transfers), of which taxes are 1.247.9 trillion drams. In the line of expenditures, it is expected to be AMD 1 464.2 trillion, of which capital expenditures will make 175 billion drams instead of last year's 98.6 billion drams. The deficit / GDP will make up 2.7% -156.9 billion drams, of which about 80 billion drams will be financed from external sources, the rest due to domestic resources, the GDP-deflator is planned at 3.5%.

Two days later, the country's main economic document will be sent to the parliament for approval.

Recall that the Budget-2017 provides nominal GDP growth of 5% or 5405 billion drams. Total revenues, according to the budget of this year, amount to 1 trillion. 210 billion drams (the ratio of income to GDP - 22.4%), of which taxes - 1 trillion. 135 billion drams. Expenses will amount to 1 trillion. 360 billion drams (the ratio of expenditures to GDP is 25.2%), and the deficit is 150 billion drams (the deficit-to-GDP ratio is 2.8%).

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