Tax revenues grew by 16.4% in 2019: Armenian deputy PM introduces budget performance
YEREVAN, JUNE 5, ARMENPRESS. The performance of the 2019 state budget met the criteria set by the fiscal rules. The tax revenues and expenditures grew in 2019, Deputy prime minister of Armenia Mher Grigoryan said at the joint session of the parliamentary standing committees, introducing the report of the 2019 budget performance.
He reminded that in 2019 the economy of Armenia continued growing at faster rates compared to 2018 and a high 7.6% economic growth was registered compared to the previous year. In the same period the global economic growth comprised 2.6%, the average growths of the EU and the EAEU comprised 1.4% and 1.6% respectively.
“In 2019 the 12-month inflation comprised 0.7%, and the average inflation – 1.4%. The volumes of loans provided to residents by commercial banks and the deposits attracted continued growing at high rates in 2019, and the declining trends in interest rates of loans and deposits with the dram were obvious. The implementation of the 2019 state budget was in accordance with the criteria set by the fiscal rules. The capital expenditures of the state budget surpassed the amount of the state budget deficit”, he said.
In September 2019 Armenia successfully distributed foreign currency bonds worth 500 million USD for a 10-year term in the international capital market, with a 4.2% profitability.
In 2019, nearly 1.5 trillion AMD revenues entered to the state budget, which was an increase of 16.7% or nearly 223 billion AMD compared to the figure of the previous year. Tax revenues grew by 16.4% or 206 billion drams. Tax revenues-GDP ratio rate comprised 22.35%. The state budget expenditures in 2019 comprised nearly 1.6 trillion AMD, ensuring the annual program by 92.4%. In 2018 the budget expenditures grew by 12.6% or nearly 182 billion drams.
The deficit-GDP rate comprised 1% against the predicted 2.2%. As of December 31, 2019, the government’s debt comprised nearly 3.2 trillion AMD (6.8 billion USD or 50% of GDP).
Reporting by Anna Grigoryan; Editing and Translating by Aneta Harutyunyan