Armenia's budget surplus in September reached 11.6 billion drams, reducing the deficit to 0.7% of GDP – WB

YEREVAN, November 22. /ARKA/. A budget surplus of AMD 11.6 billion was recorded in September, bringing the cumulative deficit to 0.7 percent of annual projected GDP. This is stated in the World Bank’s review "Armenia Monthly Economic Update – November 2024."

‘’In nominal terms, tax revenues, including mortgage-related income tax, expanded 12.1 percent (yoy) in September. This was mainly driven by increased collections in income tax (up 11.5 percent, yoy), environmental tax (up 39.6 percent, yoy), and profit tax (up 14.2 percent, yoy). VAT grew modestly, recording an increase of 3.9 percent (yoy),’’ noted in the study.

Total expenditure grew 10.6 percent (yoy) in September, primarily driven by a rise in defense spending (up 44 percent, yoy) and support for refugees (up 55 percent yoy).

Meanwhile, capital expenditure grew 7.4 percent (yoy), following a 0.5 percent (yoy) decline in August.

‘’This drove the budget deficit to AMD 73 billion in January-September 2024 from a surplus of AMD 74.6 billion in January-September 2023,’’ mentioned in the report. ($1 = 389.45 drams) -0-