Armenia’s GDP growth target at 5-5.7% in 2015-2017 – ministry of finance

Armenia’s GDP growth target at 5-5.7% in 2015-2017 – ministry of finance

YEREVAN, July 8. / ARKA /. Armenia’s GDP growth target is 5-5.7% for 2015-2017, the country’s minister of finance Gagik Khachatryan said in presenting mid-term spending for 2015-2017 last Thursday.

Real GDP will tend to grow by 5-5.7% and deflator – by 4%, he said. Budget receipts to GDP ratio will range between 24.13 and 24.34% in 2015-2017, and the relation of tax collection to GDP will tend to grow by 23.45-23.84%, Khachatryan said.

A downward trend will be maintained in deficit to GDP ratio, which will constitute from 2 to 1.8% in 2015-2017. Budget spending to GDP is planned to be maintained at 26-26.4%.

Khachatryan said the program envisages consistently increasing salaries, pensions and social benefits, which will make additional expenditures increasing by an average of 73.3 billion drams every year.

Nominal GDP target for 2015 is 5 trillion 46 billion drams, by 323 billion drams or 6.8% more than what was actually approved for 2014. Real GDP growth will be 5% against 5.2% for 2014, and deflator index will be 4%, compared to 4.3% in 2014, Khachatryan said.

Nominal GDP for 2016 is targeted at 5 trillion 526 billion drams, by 480 billion or 9.5% more than what was actually approved for 2015. Real GDP growth is targeted at 5.3% and deflator index at 4%.

Nominal GDP target is 6 trillion 75 billion drams, by 548 billion or 9.9% more than the 2016 actually approved level. Real GDP growth is 5.7% and deflator index is 4%.

Armenia’s parliament passed the 2014 budget at its session on December 12, 2013. Consolidated budget receipts are 1 trillion 135 billion drams and expenditures are 1 trillion 245 billion drams. Budget deficit is 110 billion drams or 2.3% of GDP, current balance deficit – 8.6%. GDP growth is 5.2% and inflation 4% (±1.5%) under the 2014 budget. ($1 – 407.99 drams).–0--

13:05 08.07.2014

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