YEREVAN, April 29, /ARKA/. Armenian finance ministry said today in a statement that the first quarter budget was executed with a 2.4 billion Dram deficit, down from the projected 27.5 billion Drams deficit. According to it, budget revenues in January-March time span grew by 9% year-on-year (or by 14.8 billion Drams) to 178.9 billion Drams.

Some 94.9% were collected as tax revenues, state dues and mandatory social security payments. Five percent were other revenues and 0.1% came as grants. Off-budget profits of public sector companies and organizations constituted 3.9 billion Drams.

The ministry said a total of 140 billion Drams were collected as taxes and customs dues, an equivalent of 99.9% of the planned volume. The figure represented a 10.1% year-on-year growth (12.9 billion Drams), prompted by improved rate of collection of VAT, profit, royalties and income taxes.

The spending in the first quarter amounted to 181.4 billion Drams, 85.4% of the projected amount. The ministry said the 2011 first quarter spending rose by 6.6% or by 11.3 billion Drams of compared to the first quarter of 2010.

The ministry said also 166.9 billion Drams were current expenses, that was equal to 86.4% of the planned indicator. Compared to the first quarter of 2010 the spending increased by 4.9% or 7.8 billion Drams. Of current expenses 15.6 billion Drams were released as public sector’s wages and salaries and one billion Drams as mandatory social payments. The figures represented a 5.4% and 4.9% rise respectively from a year earlier.

The ministry said it had released also 7.5 billion Drams to pay Armenia’s state debt, by 8% less than projected. Some 5.6 billion Drams were released for paying domestic debt and 1.9 billion Drams to pay external debt.  -0-