ArmInfo.The budget of Armenia was executed in the Q1 of 2019 with a surplus of 31.2 billion drams ($ 64.2 million), with y-o-y growth of 3.2 fold (in the corresponding period of 2018 a deficit was recorded with an increase of 36.7 % per annum). According to the RA Statistical Committee, the revenues of the budget of Armenia improved the y-o-y dynamics with a recovery from the 5.4% decline by 25.1% growth, which was also observed in terms of expenditures, but to a very small extent - the output from 2.6% decline of 2.3% growth. Budget revenues in the Q1 of 2019 amounted to 319.8 billion drams ($ 657.4 million), while expenses - 288.6 billion drams ($ 593.2 million).
In the structure of revenues, the share of taxes and duties decreased on an annualized basis (Q1 of 2019 to the same period of 2018) slightly - from 93.8% to 93.7%, in absolute terms increasing by 24.9% to 299.7 billion drams (against 6.1% decline a year earlier).
In particular, the acceleration of y-o-y growth was recorded in terms of income from value added tax - from 6% to 37.3% - to 142.2 billion drams, from income tax - from 27.2% to 2.4 fold - to 72.1 billion from state tax from 7.2% to 8.8% to 8.1 billion drams, from turnover tax from 35% to almost 2 fold to 10.1 billion drams, from income tax from 10.2 % up to 50.7% - up to 126.6 billion drams. At the same time, growth was maintained, but with a slowdown, income from excise tax - from 60.4% to 44.4% - to 34.5 billion drams, and from customs duties - from 36% to 1.1% - to 18.7 billion drams The improvement in the y-o-y dynamics with a recovery from the recession led to growth in revenues from payments for the use of natural resources and the preservation of the environment - by 49.4% to 12.4 billion drams.
Against this background, in the structure of budget expenditures, the costs for the purchase of goods and services rose from an 18.6% decline by 14.7% to 23.5 billion drams, expenses for benefits and pensions from 0.5 % decline by 9.7% growth - to 106.1 billion drams. And the salary expenditures, keeping up in growth, accelerated the pace from 3.7% to 7.6%, making31.5 billion drams.
The interest payments on state debt slowed down the annual growth from 16.8% to 3.3%, making 35.2 billion drams, of which 24.9 billion - on external debt, with a slowdown in growth from 15.6% to 4.9%. For subsidies, an acceleration of growth was recorded from 0.8% to 19.9% - to 24.9 billion, and for grants - a slowdown in the decline from 25.1% to 11% - to 25.2 billion drams.
To note, the estimated exchange rate of dram on March 29, 2019 was 486.44 AMD / $ 1, and in January- March the average settlement rate of drams was 487.23 AMD/ $ 1.