ArmInfo. The Armenian Ministry of Finance has once again lowered its GDP growth expectations for 2024 - from 5.8% to 5-5.5%. This was announced by Finance Minister Vahe Hovhannisyan at a final press conference on December 25. Meanwhile, the approved budget for the current year envisaged the figure at 7%, and in September the forecast was revised to 5.8%.
According to him, by the end of 2024, the public debt is projected to be 49.8% of GDP (at the level of 5 trillion 272 billion drams, and the government debt is expected to be 5 trillion 038.5 billion drams ($12 billion 647.9 million - ed.).
According to the RA Law , in the conditions of ensuring 7% GDP growth, the revenues of the state treasury of Armenia will amount to 2 trillion 723.6 billion drams (25.9% of GDP), and expenditures - 3 trillion 206.5 billion drams (30.5% of GDP).
Tax revenues and state duties are envisaged in the amount of 2 trillion 613.6 billion (24.9% of GDP). Current expenditures are fixed at 2 trillion 511.2 billion drams (23.9% of GDP), expenditures on non- financial assets - 695.3 billion drams (6.6% of GDP). The state budget deficit will amount to 482.9 billion drams or 4.6% of GDP.
However, in the law , the financial authorities adjusted their expectations for the main macroeconomic indicators for 2024.
Thus, according to the results of the current year, the state treasury of Armenia, with a GDP growth of 5.8%, compared to the program indicator for the current year, will lose revenues in the amount of 130 billion drams, the shortfall in tax revenues and state duties will amount to 157.8 billion drams. State budget expenditures will be cut by 130.5 billion drams. Current expenditures are planned to be reduced by 74 billion drams. Expenditures on non-financial assets are expected to fall by 56 billion drams - to 639.3 billion drams. As a result, the only constant is a deficit of 482.9 billion drams.
