Armenian parliament approves 2013 budget execution report

Armenian parliament approves 2013 budget execution report

YEREVAN, June 12. /ARKA/. The National Assembly of Armenia approved the report about the 2013 budget execution at its session Thursday.

Sixty-seven deputies voted for the report, 40 against and 5 abstained.

Non-coalition factions of the parliament said the day before that they would vote against the document. Orinats Yerkir faction said it would abstain from the vote as the party was in coalition at the time when the budget was adopted.

Total revenues of Armenian government budget fir 2013 were 25.1% of GDP, an increase of 1.4 percentage points from the previous year. Tax receipts were 23.5% of GDP against 22% the year before.

Nominal revenue growth was 13.2% compared to 7.4% in 2012.

The 2013 budget spending grew by 13.6% mainly due to increased current expenditures. At the same time, expenditures on non-financial assets have dropped.

A nominal increase of 16% was recorded on current expenditures with expenditures to GDP ratio at 23.5%; spending on non-financial assets was 3% of GDP in 2013 as compared to 3.3% the year before.

Consequently, budget spending was 90.8% of the target level due to poor program implementation supported from external sources, to savings under certain programs and delays in a number of program procurements.

The budget deficit amounted to 71.5 billion drams or 1.7% of GDP, against the planned levels of 2.6% and compared to 1.5% in 2012.

Actual budget receipts totaled about 1,071.4 billion drams in 2013, an increase of 13.2% or 125.2 billion drams the year before. The target for tax receipts and state duties was 100% met. Off-the-budget revenues of the state organizations reached 31.2 billion drams. Budget revenues (without off-budget funds) amounted to 1,040.2 billion drams, revenues to GDP ratio was 25.11%, an increase of 1.44 p.p. compared to the year before.

Tax and state duties receipts accounted for 93.4% and amounted to 1,000.9 billion drams (taxes – 973.6bln drams and state duties – 27.3bln drams).

Actual on-budget expenditures totaled 1,142.9 billion drams in 2013. Current expenditures accounted for 88.8% of the budget spending and transactions with non-financial assets for 11.2%. Actual budget expenditures were 1,006 billion drams in 2012.

According to the report, foreign trade turnover amounted to 5,956.8 million dollars in 2013, an increase of 5.6% compared to the year before. Exports rose by 7.2% to 1,480.0 million dollars and imports increased by 5.1% (4,476.8mln dollars). ($1– 411.67 drams). --0--

14:32 12.06.2014

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