Armenia’s sate budget deficit in January-November performed with 38 billion drams

YEREVAN, December 27. /ARKA/. The state budget of Armenia in January-November 2011 was executed with a deficit of 38.1 billion drams, which constituted 39% of the 97.7 billion dram deficit projected for the full year, according to a statement of the ministry of finance. According to the statement, the deficit resulted from the fact that of 62.6 billion drams free means planned for the year only 24.5 billion drams were utilized.

According to the statement, the budget revenues in January - November of this year increased by 9.9% from a year before or 68.5 billion drams to more than 758.7 billion drams. Taxes and state duties in January-November were said to have grown by 9.9% or 53.7 billion drams from the same time span of 2010 and amounted to 596.2 billion drams. Extra-budgetary funds added the figure made 91% of the projected revenues. Growth in tax revenues and state duties was due to increased collection rate of VAT, profit, income taxes and customs duties.

The government spending in January-November amounted to about 796.8 billion drams, which made 84.4% of the planned annual target. According to the ministry of finance, the spending was 7.4% or 54.2 billion drams more than in January-November 2010. Current expenses amounted to 706.1 billion drams, growing by 6.6% over the same period of 2010 or by 44 billion drams. ($1 - 383.29 AMD). -0-