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ARMENIAN GOVT APPROVES DRAFT 2012 BUDGET WITH 3.1% DEFICIT
Interfax, Russia
Sept 29 2011
The government of Armenia approved on Thursday a draft of the country's
state budget for next year that features a deficit of 132.6 billion
dram, or 3.1% of GDP.
Deputy Finance Minister Pavel Safaryan said at the Thursday government
session that next year's budget revenues are planned at 910 billion
dram (21.57% of GDP) and spending at 1.04 trillion dram (24.7% of GDP).
Tax revenue is figured at 732 billion dram for next year versus 650
billion dram this year. The budget has built-in GDP expansion of 4.2%
and a GDP deflator increased by 4.62%.
Safaryan noted that the budget features an increased number of domestic
sources for financing the deficit and the retention of foreign sources.
According to the government's website, 72.589 billion dram from
domestic sources will be put toward covering the budget, and 58.949
billion dram from external sources. Tax receipts will represent 17.4%
of GDP, 0.6 of a percentage point over the expected figure for 2011.
As it puts together monetary-lending policy, the country's Central
Bank will be working to keep inflation at 4% plus or minus 1.5%
(as is the target for 2011).
Armenia posted a budget deficit of 4.98% of GDP in 2010.
The official exchange rate for September 29: 371.35 dram/$1.
From: A. Papazian
Interfax, Russia
Sept 29 2011
The government of Armenia approved on Thursday a draft of the country's
state budget for next year that features a deficit of 132.6 billion
dram, or 3.1% of GDP.
Deputy Finance Minister Pavel Safaryan said at the Thursday government
session that next year's budget revenues are planned at 910 billion
dram (21.57% of GDP) and spending at 1.04 trillion dram (24.7% of GDP).
Tax revenue is figured at 732 billion dram for next year versus 650
billion dram this year. The budget has built-in GDP expansion of 4.2%
and a GDP deflator increased by 4.62%.
Safaryan noted that the budget features an increased number of domestic
sources for financing the deficit and the retention of foreign sources.
According to the government's website, 72.589 billion dram from
domestic sources will be put toward covering the budget, and 58.949
billion dram from external sources. Tax receipts will represent 17.4%
of GDP, 0.6 of a percentage point over the expected figure for 2011.
As it puts together monetary-lending policy, the country's Central
Bank will be working to keep inflation at 4% plus or minus 1.5%
(as is the target for 2011).
Armenia posted a budget deficit of 4.98% of GDP in 2010.
The official exchange rate for September 29: 371.35 dram/$1.
From: A. Papazian