YEREVAN, November 17. /ARKA/. The 2020 budget deficit will grow to 7.1% instead of the 2.3% projected at the beginning of the year, Chairman of the Central Bank of Armenia Martin Galstyan said in parliament on Tuesday.

He said the economic development in 2020 was driven by the coronavirus crisis, economic constraints and  the growing uncertainty due to the  martial law.

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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)

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In the first quarter of 2016 Armenia’s state budget deficit grew to 31.35 billion drams from 14.5 billion drams in the same period of 2015, according to the National Statistical Service (NSS)

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