Tuesday, August 6 2024 13:49

ArmInfo. From January to June 2024, Armenia's state budget revenues  amounted to 1 trillion 243.7 billion drams, achieving  92% of the projected target set by the revised program for the first half of the year. 

As stated in the information bulletin from the Ministry of Finance, the state budget revenues for the reporting period have increased by 7.2% or 83 billion drams compared to the same period last year. This performance also exceeds the annual "revised" indicator by 45.6%. 

The expenditures of the state budget of the Republic of Armenia amounted to 1 trillion 232.7 billion drams, achieving 87.5% of the revised program for the first half of the year (1 trillion 408.5 billion drams). 

Compared to the same period last year, the indicator increased by 20.1% or 206.3 billion drams. The performance of the indicator compared to the annual "revised" was 38.4%. 

For January-June 2024, the state budget of the Republic of Armenia was executed with a surplus of approximately 11 billion drams. This is in contrast to the planned deficit of 56.4 billion drams for the reporting period, and the surplus of 134.3 billion drams for the same period last year. The budget surplus, was mainly a result of higher revenue compared to expenditures, leading to an increase of 84.7 billion drams in free budget funds from internal financing sources.  Additionally, there was a low amount of loans received from external sources, totaling 29.5 billion drams or 64% of the program. 

It is important to note that the approved state budget for 2024, projects a 7% GDP growth, with state treasury revenues estimated at 2 trillion 723 billion drams (25.9% of GDP) and expenditures - at 3 trillion 206 billion drams (30.5% of GDP). Of the revenues, 2 trillion 613 billion will come from tax revenues and state duties (24.9% of GDP), while 22 billion 276 million drams will be from official grants and 87 billion 676 million from other revenues. 

The GDP deflator is projected to grow by 4%. The state budget deficit is expected to be 482.9 billion drams, which is equivalent to 4.6% of GDP. This deficit will be funded through internal resources - totaling 351.1 billion drams and external sources, amounting to 131.8 billion drams. Average inflation is forecasted to be 3.2%. Current expenditures are set to reach 2 trillion 511.2 billion drams, accounting for 23.9% of GDP.

Expenditures on non-financial assets will total 695.3 billion drams, representing 6.6% of GDP, while capital expenditures will be approximately 695 billion drams. Of the capital expenditures 42% will be allocated to defense. In 2024, an estimated 805.2 billion drams will be needed to repay and service the government debt, with 483.0 billion drams going towards debt repayment and 322.2 billion drams towards interest payments. Armenia's public dept is projected to reach 5 trillion 314 billion drams, which is equivalent to 50.5% of GDP. The government debt specifically will amount to 5 trillion 82.9 billion drams or 48.3% of GDP which is approximately  $11 billion 892 million. The estimated exchange rates are as follows: US dollar- 402.39 AMD, Euro - 424.48AMd, the Pound Sterling - 488.46 AMD, the Chinese Yuan - 54.98AMD and the Russian ruble - 4.33AMD.