Armenia to increase military spending to 1.5 percent of GDP in 2018

Armenia to increase military spending to 1.5 percent of GDP in 2018

YEREVAN, October 12. /ARKA/. Armenia’s defense spending in 2018 will grow to 1.5% of GDP, Atom Margaryan, the head of the Center for Innovative and Institutional Research, told journalists on Thursday. He said the 2018 budget has earmarked 246 billion drams as defense spending, which is 34 billion drams more than in 2017.

He said the growth in defense spending is prompted by escalating tension on the Armenian border with Azerbaijan.

"The increase in defense spending is due to the constant need to modernize military equipment, purchase of new types of weapons, and such an increase in expenses is perceived with understanding by the public at large," Margaryan said.

Armenian Defense Minister Vigen Sargsyan also said earlier that Armenia will increase its defense spending by 17% (24 billion drams - $50 million) in 2018.

The 2018 budget calls for 1 trillion 307 billion drams in revenue and 1 trillion 464.2 billion drams in spending. The deficit is projected to the tune of 156.8 billion drams.

The 2018 GDP is expected to make 5 trillion 851 billion drams, up from 5 trillion 409 billion drams projected for 2017. ($ 1 - 478.03 drams). -0-

17:19 12.10.2017





 

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