Budget surplus of AMD 47.2 recorded in April 2024 in Armenia

YEREVAN, July 1. /ARKA/. A budget surplus of AMD 47.2 billion was recorded in Armenia in April 2024, according to the recently published Armenia Monthly Economic Update – June 2024 report by the World Bank.

“Tax revenues grew by 10.6 percent in nominal terms in April (yoy). This was largely due to

growth in income tax collection (48 percent, yoy) as well as environmental tax collection, the latter mostly due to an increase in royalties,” the report said.

However, declines in the collection of VAT, excise, and profit taxes were recorded in April, due to observed slowdown in consumption growth.

“Expenditures expanded by 47.9 percent (yoy), driven by an 82 percent increase in

current expenditures, as capital expenditures contracted by 56 percent due to reduced spending on defense. The year-to-date budget balance registered a surplus of AMD 46 billion, one-third of the surplus registered in the same period of last year,” the report said.