Armenia’s budget in three quarters performed with 6.2 billion drams surplus

YEREVAN, August 30. / ARKA /. Armenia’s chief treasurer, Atom Janjugazyan, said today the government collected 666.4 billion drams in revenue in the first nine months (by 1 percent more than projected) and spent 660.2 billion drams, by 8 percent less than projected. He said the budget surplus amounted as a result to 6.2 billion drams, much less than the projected 57.4 billion drams.

The chief treasurer said off-budget revenues amounted to 18.5 billion drams, 1.5% of all revenues projected for the first nine months, while off-budget expenditures amounted to 13.8 billion drams, 67.4% of the projected spending. Budget revenues without off-budget revenues totalled about 647.9 billion drams, expenses - 646.4 billion drams.

Janjugazyan also noted that 20.2 billion drams of domestic resources and 14 billion drams from external sources were channeled to cover the deficit. Nine month revenue increased by 7.4% or 45.8 billion drams, when compared to the same time span of last year, mainly due to increased tax revenues.

"Most of the revenues - 94.2%, or 628.1 billion drams, were collected as taxes, state duties and mandatory social security payments, 5.1% came from other sources and 0.6% were official grants," Janjugazyan said.

Compared to the same period in 2011 revenues increased by 8.7% s or 50.5 billion drams, which is mainly due to the improved collection of VAT, income, environmental and excise taxes. 

Janjugazyan noted that the government spending in January-September compared to the same period last year increased by 3.7%, or 23.4 billion drams. He said operating expenses increased by 7.2% year-on-year or 41.2 billion drams to 611.3 billion drams, 94.7% of the projected spending.

This year’s budget calls for 911.6 billion drams in revenue and 1044.1 trillion drams in spending. The projected deficit is 132.5 billion drams. ($ 1 - 405.73 drams). -0-