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Time in Yerevan: 11:07,   28 March 2024

Finance minister predicts 3% consumption growth for 2018

Finance minister predicts 3% consumption growth for 2018

YEREVAN, SEPTEMBER 28, ARMENPRESS. In order to determine the improvement of life of ordinary citizen it is necessary to look at consumption rates since life improves through consumption, finance minister Vardan Aramayn told reporters after the Cabinet meeting, in response to a question to what extent the 2018 state budget draft will affect the life of ordinary citizen.

“Consumption has increased in the first quarter of this year. If there is an economic activity in the economy and economic entities create revenues, later those revenues are being redistributed. Thus, if we have 4.5% economic growth, it will, of course, affect the people’s consumption level. We predict consumption growth by over 3%”, the minister said.

The Armenian government approved the draft budget for 2018. Next year’s budget will be 1 trillion 307 billion drams in terms of revenues – 100 billion more than in 2017, at the expense of tax revenues. The spending part of the budget is planned at 1 trillion 464 billion drams – against this year’s 1 trillion 360 billion. The deficit will be around 157 billion drams – against this year’s 150 billion. Nearly 80 billion drams of the 2018 deficit is planned to be received from domestic sources, and the remaining from external.








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