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.

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