Home > Latest News > Armenian Budget For 2013 Passed

Armenian Budget For 2013 Passed

December 5, 2012 Leave a comment Go to comments

The National Assembly passed on Wednesday Armenia’s state budget for next year that calls for a nearly 10 percent rise in government spending projected at 1.15 trillion drams ($2.84 billion).

The government-drafted budget envisages a fiscal deficit of almost 120 billion drams equivalent to 2.6 percent of Gross Domestic Product. According to government projections, the deficit-to-GDP proportion will stand at 2.8 percent this year.

The government is supposed to cut the deficit through a more than 13 percent rise in its tax revenues, which are projected to total 993 billion drams.

The budgetary targets, which underwent only minor changes as a result of parliament debates, are based on the assumption that the Armenian economy will grow by 6.2 percent in 2013. The government has forecast a 7 percent growth rate for this year.

Armenian News

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