Friday, December 1 2017 13:31
Naira Badalian

The revised expectations for the state budget of Armenia for 2018 promise additional revenues to the treasury

The revised expectations for the state budget of Armenia for 2018  promise additional revenues to the treasury

ArmInfo. The Armenian  government, following the results of parliamentary discussions,  revised its expectations on the state budget revenues for 2018.  According to the adjusted project, the revenue part will be 1.308.2  billion drams, instead of the previously projected 1.307.3 billion  drams. At the same time, tax revenue is expected to grow.

In particular, the Ministry of Finance expects growth in the line of  tax revenues to 1, 248. 5 billion drams against previously predicted  1,247.9 billion drams. Meanwhile, according to the results of the  year, the current income is expected at the level of 1,210 trillion  drams, and by the end of the last year they made up 1,135.9 billion  drams. Tax revenues by the end of 2017 are expected at the level of  1135.0 billion drams), against the actual 1076.9 billion drams in  2016.

In 2018, international organizations and foreign countries are  expected to attract official grants of AMD 35.6 billion, instead of  the previously projected 35.8 billion drams. In 2017, the expected  figure was 30.9 billion drams, and in 2016 their actual volume was  28.4 billion drams. Expectations for targeted grants have also  increased - instead of 29 billion drams to 29.3 billion drams. But  the projected level of grants within the framework of the European  Neighborhood Policy has decreased from 6.5 billion drams to 6.4  billion drams. Other budget revenues will make 23.9 billion drams  next year, instead of the early expected 23.7 billion drams. In 2017,  the figure is expected at 44.1 billion drams, and in 2016 made 30.6  billion drams.  On November 30, RA Minister of Finance Vardan Aramyan  submitted to the Government for approval the adjusted version of the  draft budget for 2018. Earlier, on November 16, a 4-day break was  announced in the National Assembly of Armenia on the draft law "On  the State Budget of Armenia of 2018". The NA deputies were given the  opportunity to present their proposals on the draft of the main  financial document.

After the first reading of the draft law "On the state budget of the  Republic of Armenia for 2018" as a result of the circumstances and  new information, as noted by Vardan Aramyan, the expenses were  increased by 15 billion drams. The budget of Armenia for 2018 in  terms of expenditures from the previously projected 1, 464.2 billion  drams (1.360.1 billion in 2017 and 1.420.6 billion in 2016) will grow  to 1, 465.2 billion drams. The predicted level of the deficit / GDP  indicator will make 156.8bln AMD, against the previous 156.8bln AMD.  Capital expenditures will make 158.7bln AMD, instead of 172.4bln AMD  (160bn in 2016), the current expenses from 1.391.8bln AMD will grow  to 1.306.5bln AMD.

Note that the nominal GDP of Armenia in 2018, according to the draft  budget for the next year, will grow by 441 billion - from 5,409.1  billion expected by the end of 2017 to 5,850.7 billion drams pledged  in the project. The economic growth in 2018 is planned at 4.5% or $  11.948.9 million. The forecasts of economic growth for the next year  are largely due to the outlined positive dynamics this year, as a  result of which the Ministry of Finance raised the forecasts for  economic growth in 2017 from the planned 3, 2% to 4.3%.

In the matter of ensuring economic growth, one of the locomotives is  promised by industry and the services sector. So, 4.5% of GDP will be  provided at the expense of industry 1.1%, agriculture - 0.6%,  services - 2.2%, net indirect taxes - 0.4%. 12-month inflation by the  end of 2018 will be 4%, instead of expected in 2017, 2.4% and actual  -1.1% at the end of 2016. Exports will reach 37.4% of GDP, against  the projected in 2017 37% and 33.1% in 2016. By the end of 2018, the  national debt, with $ 6.8bln of AMD expected by the end of this year,  will grow to $ 7.2 billion and amount to 60% of GDP.

POST A COMMENT
Input digits     


News
Tax authorities propose not to tax labor migrants with annual income  of up to AMD 12 million Tax authorities propose not to tax labor migrants with annual income  of up to AMD 12 million 
Gnel Sanosyan: potential of industrial companies and specialists of  Armenia is growingGnel Sanosyan: potential of industrial companies and specialists of  Armenia is growing
ADB signed sale and purchase agreement with Bank of Georgia in  respect of its shares in AmeriabankADB signed sale and purchase agreement with Bank of Georgia in  respect of its shares in Ameriabank
Founder of ABBYY Group, David Yang, to Speak at Armenia`s First  Investment and Financial ForumFounder of ABBYY Group, David Yang, to Speak at Armenia`s First  Investment and Financial Forum
Armenia`s economic activity increased by 10.7% per annum in Jan 2024Armenia`s economic activity increased by 10.7% per annum in Jan 2024
Gevorg Mantashyan: High-Tech Ministry makes consistent efforts for  emergence and progress of startups in ArmeniaGevorg Mantashyan: High-Tech Ministry makes consistent efforts for  emergence and progress of startups in Armenia
S&P affirms Armenia`s sovereign rating at `BB`; Outlook Stable,  projectting GDP growth of 6.2% in 2024 S&P affirms Armenia`s sovereign rating at `BB`; Outlook Stable,  projectting GDP growth of 6.2% in 2024
Food Safety Inspectorate  did not reveal any violations at Jermuk  Group enterprise after inspectionFood Safety Inspectorate  did not reveal any violations at Jermuk  Group enterprise after inspection
Erik Tintrup: Germany will continue to assist Armenia in tourism  developmentErik Tintrup: Germany will continue to assist Armenia in tourism  development
Privileged conditions with the Business Prime packagePrivileged conditions with the Business Prime package
Armenia`s government to establish G Solution organization using  facilities of Ministry of Finance, State Revenue CommitteeArmenia`s government to establish G Solution organization using  facilities of Ministry of Finance, State Revenue Committee
Armenia ideally positioned to offer India alternative sea trade  route, especially with Europe - Armenian minister Armenia ideally positioned to offer India alternative sea trade  route, especially with Europe - Armenian minister 
Armenia`s government kept election pledge -premier Armenia`s government kept election pledge -premier 
Armenia`s authorities suspend taxation of labor migrants Armenia`s authorities suspend taxation of labor migrants 
Motor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reportedMotor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reported
In terms of GDP per capita, Armenia is in first place in South  Caucasus - Pashinyan In terms of GDP per capita, Armenia is in first place in South  Caucasus - Pashinyan
Russia ready to develop technological cooperation with Armenia -  ambassador Russia ready to develop technological cooperation with Armenia -  ambassador 
Team Telecom Armenia announces sale of eSIM cards Team Telecom Armenia announces sale of eSIM cards 
Ria Money Transfer has recognized Ardshinbank Partner of the YearRia Money Transfer has recognized Ardshinbank Partner of the Year
Tourism Committee, SDA to cooperate in tourism development in Lori,  Tavush, Vaiots Dzor, Syunik Tourism Committee, SDA to cooperate in tourism development in Lori,  Tavush, Vaiots Dzor, Syunik 
Armenian authorities` GDP forecasts for 2024 seem overstated - expert Armenian authorities` GDP forecasts for 2024 seem overstated - expert 
Expert on Armenia`s international trade growth against Expert on Armenia`s international trade growth against "miserable  trade pattern"  
Tatul Manaseryan: In case of utilization of competitive advantages,  Armenia`s business activity growth could be within 7-8% by end of  2024Tatul Manaseryan: In case of utilization of competitive advantages,  Armenia`s business activity growth could be within 7-8% by end of  2024
Rustam Badasyan: until issue of taxation of labor migrants is finally  resolved, no coercive measures will be usedRustam Badasyan: until issue of taxation of labor migrants is finally  resolved, no coercive measures will be used
Armenia`s GDP growth slowed to 8.7% in 2023Armenia`s GDP growth slowed to 8.7% in 2023
UBA Head: Armenian banking system RoE became comparable to countries  with similar economiesUBA Head: Armenian banking system RoE became comparable to countries  with similar economies
Decision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from ArmeniaDecision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from Armenia
Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector 
Entry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairmanEntry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairman
Armenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEUArmenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEU
Net inflow of transfers to Armenia decreased by 36% in 2023Net inflow of transfers to Armenia decreased by 36% in 2023
Economist: Outflow of remittances from Armenia to continue to grow in  2024Economist: Outflow of remittances from Armenia to continue to grow in  2024
Transavia to start operating flights on route Lyon - Yerevan - Lyon Transavia to start operating flights on route Lyon - Yerevan - Lyon 
Ameriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entityAmeriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entity
Bank of Georgia announces proposed acquisition of Ameriabank for  $303.6 millionBank of Georgia announces proposed acquisition of Ameriabank for  $303.6 million
Former MP on economic situation in Armenia: Former MP on economic situation in Armenia: "What is brought by water  will go with water"
Armenia, Iran discuss possibilities of strengthening logistics ties  between  two countriesArmenia, Iran discuss possibilities of strengthening logistics ties  between  two countries
Which Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBankWhich Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBank
SRC: individuals-residents of Armenia must pay tax on income received  abroadSRC: individuals-residents of Armenia must pay tax on income received  abroad
Expert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not doneExpert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not done
Global economic growth to slow -EDBGlobal economic growth to slow -EDB
EDB expects fiscal policy to stimulate Armenian economy in 2024 EDB expects fiscal policy to stimulate Armenian economy in 2024 
Armenian Card: arca.am application to stop operating from Apr 15,  2024Armenian Card: arca.am application to stop operating from Apr 15,  2024
Bank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSCBank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSC
Armenian insurance sector profit decreased by 33% in 2023Armenian insurance sector profit decreased by 33% in 2023
With HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analystsWith HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analysts
Armenia amends Gyumri Urban Roads Project agreement with EBRDArmenia amends Gyumri Urban Roads Project agreement with EBRD
Moody`s assigns B2 rating to Electric Networks of ArmeniaMoody`s assigns B2 rating to Electric Networks of Armenia
Electric Networks of Armenia CJSC bonds successfully placed Electric Networks of Armenia CJSC bonds successfully placed 
Food Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral waterFood Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral water
Within year, TUMO Center for Creative Technologies to open in Los  AngelesWithin year, TUMO Center for Creative Technologies to open in Los  Angeles
S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook "Stable"
Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023
How to Celebrate Love Days? A Piece of Advice from Idram and IDBankHow to Celebrate Love Days? A Piece of Advice from Idram and IDBank
Armenian official, ADB reps discuss construction, management projects  Armenian official, ADB reps discuss construction, management projects  
Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister 
Fitch upgrades ACBA Bank to `BB-`; Outlook stableFitch upgrades ACBA Bank to `BB-`; Outlook stable
EEC: it is necessary to develop the initiative to establish EAEU  trading houses in IranEEC: it is necessary to develop the initiative to establish EAEU  trading houses in Iran
Visa Travel card - your best friend of the roadVisa Travel card - your best friend of the road
Armenia yet to decide on NPP construction companies Armenia yet to decide on NPP construction companies 
Read more


Exchange rates
27.02.2024
RUB4.390.01
USD404.41-0.01
EUR438.870.24
GBP512.830.23
CAD299.740.57
JPY26.910.06
CNY56.18-0.01
CHF459.66-0.22