Wednesday, June 12 2019 15:03

ArmInfo. The state budget surplus of Armenia in January-April 2019 amounted to 78.6 billion drams ($ 161.6 million), of which more than 60% or 47.4 billion drams ($ 97.8 million) fell in April. In YOY terms, this figure increased by 8.8 fold (withheld in surplus), and on a monthly basis - by 7 fold (with an exit from the deficit in surplus). As a comparison, we note that in 2018, in January-April, the budget was also closed with a surplus, with a YOY growth of 2.8 fold and a monthly increase of 3.6 fold, and in both cases, there was a way out of the deficit to surplus.

According to the Statistics Committee of the Republic of Armenia, the budget revenues of Armenia on an YOY basis changed the dynamics from a decline of 2.8 fold to 27.9% growth - to 494.2 billion drams, and the same trend change was observed in terms of expenses, but at a more modest pace from 4.4% decline to 10.1% growth, reaching 415.6 billion drams. In monthly terms, revenues increased by 49.8% to 174.4 billion drams, while expenses - only by 1.1% to 127.03 billion drams.

In the structure of revenues, the share of taxes and duties decreased on an annualized basis (January-April 2018 to the same period of 2017) - from 94.8% to 94.4%, in absolute terms increasing by 27.4% to 466.5 billion drams (against scanty growth of 0.9% a year earlier).

In particular, the YOY dynamics improved with the exit from the downtrend in income from value added tax - from 0.4% decline by 38.1% growth to 177.5 billion drams. The deterioration of the dynamics was recorded in revenues from payments for the use of natural resources and the preservation of the environment - from 67.3% growth by 29.9% decline to 18.3 billion drams. Growth slowdown was observed in revenues from customs duties - from 33.5% to 6.9% - to 26.4 billion drams, from excise tax - from 55.6% to 42.6% - to 43.5 billion drams, from revenues from targeted social payments from 37.8% to 4.8% to 6.5 billion drams. The acceleration of growth was recorded in income from income tax - from 37.5% to 2 times - to 131.9 billion drams, from state duties - from 7.1% to 10.4% - to 10.6 billion drams, from turnover tax - from 50% to 73.6% to 15.1 billion drams, from income tax from 7% to 48.6% to 163.6 billion drams.

Against this background, in the expenditure side of the budget, growth was recorded for all items except grants, for which the decline slowed down from 26% to 0.8%, amounting to 37.1 billion drams, and non- financial assets - with an acceleration of decline from 12.1% to 53.6%, which amounted to 7.8 billion drams. Expenditures on the purchase of goods and services went upward - a turn from a 15% decline to 22.2% growth to 36.7 billion drams, a subsidy from a 0.9% decline to 14.8% growth - to 34.3 billion drams, for benefits and pensions - from 4.7% decline by 12.9% growth - to 143.8 billion drams. Growth slowdown in the reporting period was observed in wage costs - from 7.4% to 6.1% - to 45.2 billion drams. Interest payments on state debt accelerated YOY growth from 18% to 63.1%, reaching 61.4 billion drams, of which 28.7 billion in foreign debt and 32.6 billion drams in domestic debt. Moreover, the YOYgrowth of budget expenditures on interest payments on external debt slowed down from 16% to 7.9%, while for domestic debt it accelerated sharply from 23.1% to 4 fold.

To note, the average settlement rate of dram in January-April 2019 amounted to 486.49 AMD / $ 1, and in April - 484.29 AMD / $ 1.