Armenia’s state budget deficit in 2016 amounts to 272.5 billion drams

31.01.2017 20:14
Armenia’s state budget deficit in 2016 amounts to 272.5 billion drams

YEREVAN, January 31. /ARKA/. Armenia's state budget deficit in 2016 amounted to 272.5 billion drams from 245 billion drams in the previous year, according to the National Statistical Service (NSS). The projected budget deficit for 2016 was 197 billion drams (3.5% of GDP).

According to the National Statistical Service, the state budget revenues in 2016 grew by only 0.7% to 1.154.9 trillion drams. Taxes and duties accounted for over 1.079.7 trillion of revenues, having increased by 1.1% year-on-year. Another 391 billion drams were collected as VAT, (a 7.7% decline), 59.7 billion drams were collected as excise tax (a 22% growth), 127.1 billion drams were collected as income tax (a 22.7% increase), 332.7 billion drams were collected as profit tax (a 6.7% growth), 55.4 billion drams – as customs duties (a decline of 9.9%), and 15.2 billion drams – as turnover tax (a decline of 28.7%).

Other state budget revenues amounted to 59.8 billion drams, down from 69 billion drams in 2015, while official grants exceeded 15.4 billion drams against 10.2 billion drams in 2015. According to NSS, the state budget spending in 2016 increased by 2.5% to 1.427.5 trillion drams.

Current budget expenditures amounted to 1.258.8 trillion drams (a 3.3% increase), of which 142.4 billion drams were paid as wages (a 0.8% growth), 405.2 billion drams as social benefits and pensions (a growth of 3.6%), 161.1 billion drams were spent on purchase of goods and services (a drop by 37.6%), 157.4 billion drams were released as grants (a growth of 2. 9%), 120.8 billion drams as subsidies , 98.3 billion drams as interest payments (a growth of 32.7%). Other expenses amounted to 173.48 billion drams (a 3.6% growth)..

The 2016 state budget called for 1.373.7 trillion drams in spending and 1.183 trillion drams in revenues. ($ 1 - 486.23 drams). -0-


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