Armenia’s five-month budget execution shows surplus of 18.6 billion drams, finance ministry

Armenia’s five-month budget execution shows surplus of 18.6 billion drams, finance ministry

YEREVAN, July 2. / ARKA /. Armenia’s budget execution in the first five months of 2014 showed a primary surplus of about 18.6 billion drams. This figure compares with a deficit of 19.9 billion drams projected for the first half of the year, the ministry of finance reported today.

According to the ministry, the government collected a total of 433.4 billion drams in various revenues in January-May (79.9 percent of all revenues projected for the first half), while its spending was 414.8 billion drams, (73.6% of the planned spending for January-June). 

When compared with the first five months of 2013 the collected amount of revenues in January-May this year was 6%, or 24.6 billion drams higher. The growth, according to the ministry, was secured by improved collection of income and other taxes.

The ministry said also that 94.1% of the revenues were collected as taxes and state duties, 5.8% as other revenue and 0.1% arrived as official grants. 

According to official data, 408 billion drams were collected as tax revenues and state duties, which made 80.6% of the six-month projection. Compared with the same period of 2013 the figure represented a 4.8% or 18.6 billion drams increase. 

The spending in the first five months of 2014 surged by 9.8% or 37.2 billion drams from the year earlier due to increased current expenditures. 

The government had planned to have also 84.3 billion drams of surplus funds generated by internal sources, however, due to higher budget execution rate it had 44.5 billion drams to spend.

The 2014 budget calls for 1.135 trillion drams in revenue and a 1.245 trillion drams spending. The projected deficit is 110 billion drams or 2.3% of the GDP, the current account deficit is set at 8.6%. ($ 1 - 407.85 drams)..-0-

16:09 02.07.2014

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