YEREVAN, October 3. / ARKA /. Armenia’s state budget revenues collected in the first 8 months of 2016 were 0.9% less than the amount collected in the same time span of last year, falling to 733.3 billion drams, the National Statistical Service (NSS) said today.

According to NSS figures, more than 696.1 billion drams were collected as taxes and dues, an increase of 0.4% from the year before. Also 242.1 billion drams were collected as VAT, a drop of 12.7%), 35.4 billion drams were collected as excise taxes (a growth of 16.6%), 93.6 billion drams as profit taxes (a growth of 32.2%), and 211.8 drams as income taxes (a growth of 6.4%).

The state budget also received 34.4 billion drams as ‘other revenue,’ down from 43.2 billion drams collected in January-August of 2015. The government also received 2.8 billion drams as official grants, down from 3.6 billion drams in the first 8 months of last year.

According to NSS, the budget spending increased by 2.6% over the reporting period to 816.1 billion drams. The government’s current expenditures in January-August 2016 amounted to 792.5 billion drams (a growth of 4.3%), of which 266.9 billion drams (33.4%) were paid as social security benefits and pensions (a 3.5% growth), 101.3 billion drams  were released as grants (a growth of  9.6%),  88.3 billion drams  were paid as salaries (a growth of 2.8%),  97.6 billion drams were used to purchase  goods and services (a decline of 36.3%), 55.4 billion drams were paid as interests (a 30.6% growth), 74.8 billion drams as subsidies and 109.9 billion drams as other expenses  (a 1.4% growth).

Non-financial asset transactions amounted to about 23.6 billion drams. As a result the budget deficit amounted to 82.7 billion drams against 54.7 billion drams in the same period of 2015.

The state budget for 2016 calls for 1 trillion 373.7 billion drams in spending and  1 trillion. 183 billion. drams in revenue. The projected deficit is 197 billion drams or 3.5% of GDP. ($ 1 - 474.46 drams). -0-