Armenia’s next year budget deficit to make 2.8 percent of projected GDP
31.10.2016,
16:40
Armenia's budget deficit in 2017 will make 2.8% of the projected GDP, finance minister Vardan Aramyan said today during a parliamentary hearing of the country's major financial document.
YEREVAN, October 31. /ARKA/. Armenia's budget deficit in 2017 will make 2.8% of the projected GDP, finance minister Vardan Aramyan said today during a parliamentary hearing of the country's major financial document. According to him, the economic growth is projected at 3.2%, while the nominal GDP is expected to up by 5%.
The minister said the government plans to collect 1 trillion 210 billion drams in budget revenues (22.4% of GDP) and spend 1 trillion 360 billion drams or 25.2% of GDP. The projected deficit is 2.8% of GDP or 150 billion drams.
Aramyan said also that some 1 trillion 135 billion drams are expected to be collected as taxes and duties, up from 1 trillion 129 billion drams, projected for this year.
As for spending, according to the minister, the projected figure is 1 trillion 264 billion drams, by 16 billion drams less than projected for this year. Some 95 billion drams are earmarked as capital expenditures. In his words, capital expenditures will be carried out depending on the economic situation and may even increase, if the government secures additional funds from donors.
Some 649 billion 417 million drams or 47.7% of the total spending are earmarked as social spending, by 3.8 billion drams more than in 2016.
Aramyan said defense budget will be up by 4 billion drams, while the budgets of other sectors will be scaled back, mainly by cutting programs implemented by external funding. The minister also noted that in 2017 subsidies to communities will be up by 940 million drams to make a total of 48 billion drams.
According to Aramyan, the budget deficit will be financed by 71 billion of domestic funds and the rest by external resources. ($ 1 - 475.34 drams). -0-
The minister said the government plans to collect 1 trillion 210 billion drams in budget revenues (22.4% of GDP) and spend 1 trillion 360 billion drams or 25.2% of GDP. The projected deficit is 2.8% of GDP or 150 billion drams.
Aramyan said also that some 1 trillion 135 billion drams are expected to be collected as taxes and duties, up from 1 trillion 129 billion drams, projected for this year.
As for spending, according to the minister, the projected figure is 1 trillion 264 billion drams, by 16 billion drams less than projected for this year. Some 95 billion drams are earmarked as capital expenditures. In his words, capital expenditures will be carried out depending on the economic situation and may even increase, if the government secures additional funds from donors.
Some 649 billion 417 million drams or 47.7% of the total spending are earmarked as social spending, by 3.8 billion drams more than in 2016.
Aramyan said defense budget will be up by 4 billion drams, while the budgets of other sectors will be scaled back, mainly by cutting programs implemented by external funding. The minister also noted that in 2017 subsidies to communities will be up by 940 million drams to make a total of 48 billion drams.
According to Aramyan, the budget deficit will be financed by 71 billion of domestic funds and the rest by external resources. ($ 1 - 475.34 drams). -0-
