Tax revenues this year to exceed projected amount by 75 bln drams- Ministry of Finance

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Economy

31.10.2022, 16:47

The Armenian Ministry of Finance expects this year’s tax revenues to exceed the projected amount by about 75bln drams, Finance Minister Tigran Khachatryan said on Monday.

Tax revenues this year to exceed projected amount by 75 bln drams- Ministry of Finance

YEREVAN, October 31. /ARKA/. The Armenian Ministry of Finance expects this year’s tax revenues to exceed the projected amount by about 75bln drams, Finance Minister Tigran Khachatryan said on Monday.

"We forecast that this year's tax revenues will amount to at least 1.92 trillion drams, which is about 75 billion drams more than what was planned in the state budget. We expect that next year's budget tax revenues will amount to 2.204 trillion drams or 23.7% of GDP," he said.

Khachatryan spoke about the necessity of ensuring 0.5% GDP growth for the next 4 years in order to reach 25% in 2026.

According to the minister, priority expenses of the state budget this year amounted to 1.643 trillion drams and next year they will reach 1.77 trillion drams.

The minister said that current expenses excluding interest payments are among priority expenses. Capital expenditures will increase from 390 billion drams this year to 548 billion drams next year.

Armenian government's growth projection for 2022 is set at 7% and inflation at 4% (±1.5%).

According to official data, Armenia's economic activity grew by 14.1% in January-September 2022 compared to the same period of 2021. In the consumer market, the 12-month inflation in September 2022 was 9.9%. -0-

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