ArmInfo. Armenia claims to become a country with a strong metallurgical and metalworking industry. Prime Minister of Armenia Nikol Pashinyan stated this on October 25 in parliament presenting the draft law "On the state budget of the Republic of Armenia for 2022".
According to Pashinyan, the submitted document is intended to lay a solid foundation for the implementation of the government's 5-year program. "By the end of 2022, the government forecasts a 7% GDP growth - despite the fact that this year was marked by a fragile political and security situation, the growth of the Armenian economy today is ahead of all early forecasts for growth. On the other hand, the government hopes for more on the results of the year ", the Prime Minister said. So, from the 3.2% of GDP set in the budget for the current year, the financial authorities hope to reach the indicator at the level of 6.5% by the end of the year. Nominal GDP, compared with the program indicator for 2021, will grow by 635.9 billion - up to 7.869.4 billion drams (from the expected 7.031.2 billion drams at the end of this year).
As Pashinyan mentioned, it is gratifying to note that in September 2021 the highest index of registered jobs was registered - 651 141 people. "Never before has such a high indicator been recorded in Armenia - the previous one was recorded in September 2020, the figure was 631 thousand 966, which is 3% lower than the current figure," he said.
Against the background of a fairly high inflation of 6.4% in September of this year, as Pashinyan noted, the gross wage fund increased by 15.3% or 19 billion 308 million drams, compared to September last year, and wages per employee compared to September last year, increased by 11.9% or 23 thousand 782 drams, exports increased significantly - by more than 20%, and not only due to the mining industry, but also due to the export of finished products and agricultural products. The volume of construction this year increased by 7%, the increase in services as of September amounted to more than 5%. "These factors make the goal of achieving economic growth of 7% realistic, especially since they have already begun, and I hope the implementation of a number of large investment projects aimed at turning Armenia into a country with a strong metallurgical and metalworking chain will be successfully completed," he said.
According to the forecasts sat in the basis of the draft state budget for 2022, the revenues of the state treasury of Armenia, in comparison with the approved state budget for 2021, will grow by about 437 billion drams or by 28.9%, expenses - by 18.2% or 337.5 billion drams. The deficit of the state treasury will be reduced by 99.2 billion drams or 29% and will amount to 242.2 billion drams or 3.1% of GDP. Thus, expenditures will reach 2 trillion 188.4 billion drams, of which 1 trillion 841.9 billion drams or 23.4% of GDP will be directed to cover current expenses. The GDP deflator will grow by 4.6% (6.8% at the end of 2021), 12-month inflation - 5.2% (7.4% is expected by the end of this year), and average inflation in 2022 will reach 5, 6% (7% expected in 2021).
To note, at the end of September this year, it became known that a 100% subsidiary of GeoProMining Armenia, Industrial Company JSC, acquired 60% of the shares of Zangezur Copper-Molybdenum Combine CJSC. On September 30, the RA government approved the decision to accept as a gift 25% of shares of Industrial Company JSC, which make up 15% of the total capital of ZCMC. Within the framework of the investment program, it is planned to build a smelter, which will allow Armenia to export not the concentrate, but the metal itself. The volume of total investments in the construction of a copper smelter - smelter, a second open pit at ZCMC, an enrichment plant and a new nuclear power plant of average capacity in Armenia is estimated at $ 3-3.5 billion.
