ArmInfo.In 2023, the financial authorities of Armenia strictly adhered to fiscal rules - the capex exceeded the state treasury deficit by approximately 284 billion drams, and the level of government debt was lower than planned by 1.7 percentage points, Finance Minister Vahe Hovhannisyan stated on May 29 in parliament at a hearing on the implementation of the budget for the past year.
Thus, according to the minister, in 2023, tax revenues (tax revenues and state duties) of the state treasury grew at a faster pace - by 0.7 percentage points. - up to 23.4% of GDP (the program of activities of the Cabinet of Ministers until 2026 plans to increase the figure to 25%). In particular, last year tax revenues (taxes and state duties) increased by 295.9 billion drams or 15.4% - to 2 trillion 221.9 billion drams, against 1 trillion 962.5 billion drams in 2022.
The upward trend in capital expenditures continued into 2023. The indicator from 4.6% in relation to GDP reached 5.2%, which made it possible to properly finance infrastructure programs in the field of security and social nature. In absolute numbers.
The growth of tax revenues and, accordingly, the level of GDP recorded above the planned level, as well as the efforts of fiscal policy, made it possible to reduce the level of the deficit to 2% of GDP (0.1 percentage points below the 2022 figure) or by 1.1 percentage points. below the planned level. In absolute figures, the figure was about 189 billion drams.
The level of government debt to GDP was 48.1%, or 1.4 percentage points more than in 2022. At the same time, the figure turned out to be lower than planned by 1.7 percentage points, Hovhannisyan indicated.
According to the Ministry of Finance, in 2023, Armenia increased its public debt by 11.4% or $1 billion 207.6 million - up to $11 billion 845.3 million. During the reporting period, government debt in American currency increased by $1 billion 208.3 million. or by 12% - from $10 billion 086.4 million by the end of 2022 to $11 billion 294.6 million, and in drams - by 602.3 billion drams or 15.2% - to 4 trillion 571.9 billion drams.
The execution of the state budget expenditures amounted to 97%. Financial authorities also improved the indicator on capital expenditures. If in 2022 the figure was 95%, then last year it increased by 1 percentage point. Thus, in 2022, the implementation of programs implemented with external assistance was 81.6%, then in 2023 the figure reached 92%. 96.3% of the planned programs were completed through external resources, and 99% through the Ministry of Defense.
In general, according to the Statistical Service, in 2023 the RA GDP grew by 8.7%. In absolute figures, GDP amounted to 9 trillion 502.8 billion drams, or, at the current exchange rate, approximately $23 billion 464 million. As for the structure of GDP, trade (wholesale and retail) occupies 12.7%, manufacturing industry - 11.1%, agriculture - 8.4%, real estate - 8.3%, financial sector - 7.4%, construction (not to be confused with the sale of real estate) - 6.9%. The IT and telecommunications sector occupies 5.5%, healthcare - 5.4%, transport sector - 3.9%, mining industry (including both mines and sand and stone quarries) - 2.9%, energy - 2.6%.
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