YEREVAN, JANUARY 19, ARMENPRESS. Armenian PM Karen Karapetyan visited the finance ministry today to review the results of the 2017 priority issues implementation and the upcoming tasks of 2018.

Finance minister Vardan Aramyan briefed the PM that the ministry has implemented improvement of the fiscal policy aimed at raising the welfare of the society and increased the efficiency of state finance administration.

The minister said that the issues which were put in the context of the policy, reduction of the phase of state debt growth, providing macroeconomic stability, creation of basis for entering 2018 with greater economic potential have been mainly implemented.

In 2017, greater emphasis was done on capital expenses and more conservative conduct was carried out in terms of ongoing expenses.

The officials briefed the PM that according to estimates the 2017 growth will comprise nearly 6,7%, 1,5% for the GDP deflator growth, and GDP per capita – nearly 3,799,8 USD.

The growth was forecast 4,3%, but comprised much higher – 6,7%.

Exports growth will comprise 23,5%, and 28% for imports, according to the ministry.

State budget revenues in 2017 comprised 1237,2 billion drams – a 5,6% growth compared to the previous year.

Tax revenues and duties comprised 1158,1 billion drams – exceeding the previous year’s indicator by 7,3%.

Tax revenue/GDP ratio comprised 21,1%.

The total state budget spending of 2017 comprised 1417,3 billion drams, decreasing 2,2% against the previous year. The deficit comprised 180,2 billion drams.

The PM tasked to inform the public of the overperformance of the budget.

He also tasked the ministry to view the spending of 2018 extremely strict, and in this context addressed the issue of cutting state apparatus spending.

The PM pointed out the priorities of the ministry’s 2018 activities in the end of the meeting.

“We must put basis of long term growth, capital infrastructure and other spending this year”, he said.