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Armenian Budget Deficit At 4.4% Of GDP In Jan-Sept

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  • Armenian Budget Deficit At 4.4% Of GDP In Jan-Sept

    ARMENIAN BUDGET DEFICIT AT 4.4% OF GDP IN JAN-SEPT

    Interfax
    Nov 2 2009
    Russia

    Armenia's budget deficit totaled about 93.5 billion dram or 4.4% of
    GDP through the first nine months of 2009, the National Statistics
    Service reported.

    Budget revenue totaled 475.3 billion dram or 22.4% of GDP, down 13.5%
    year-on-year in the nine months.

    Tax revenue totaled 357.4 billion dram (16.8% of GDP), which is 18%
    less than a year earlier, including VAT receipts totaling 175.2 billion
    dram (down 23.7% year-on-year), pretax profit - 63.7 billion dram
    (down 3.2%), excise taxes - 30.7 billion dram (down 10.4%).

    Revenue from the individual income tax rose 9.9% year-on-year to 42.4
    billion dram.

    Budget spending was up 5.6% in January-September year-on-year to
    568.8 billion dram or 26.8% of GDP, including spending equal to 8.4%
    of GDP on the social safety net, 4.2% on defense and 3.6% on education.

    Armenia's 2009 budget stipulates 905.4 billion dram in revenue and
    945.4 billion dram in spending for a deficit of 40 billion dram or
    0.96% of GDP.

    The official exchange rate on October 30 was 386.37 dram/$1.
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