ARMENIA’S 2009 BUGDET DEFICIT TO BE 1% OF GDP, MINISTER SAYS

ARKA
Oct 24, 2008

YEREVAN, October 24. /ARKA/. Armenia’s state budget deficit is
estimated at above 1% of gross domestic product (GDP) in 2009,
compared to 2.1% in 2008, RA Minister of Finance Tigran Davtyan
reported at today’s parliamentary hearings on the draft budget 2009.

"Next year’s budget deficit will decrease by 1.9pct (23.2%), compared
to 2008," Davtyan said, adding budget receipts are estimated at about
22.2% of GDP in 2009, compared to 21.8% in 2008.

Budget expenditures will be 23.2% of GDP next year, compared to 23.9%
in 2008.

"Next year we expect a record-low deficit estimated at above 1%, which
will help us curb inflation pressure," the minister was quoted saying.

Consolidated budget receipts are expected to reach 927bln drams in
2009, with expenditures and deficit amounting to 967bln drams and
40bln drams.

Consolidated budget for 2009 is expected to total 50bln drams.

According to the draft budget, receipts and expenditures will reach
905.4bln drams and 945.4bln drams respectively, with deficit amounting
to 40bln drams.

The AMD (Armenian dram) exchange rate is set at 302.4 drams per USD.

GDP is expected to reach 4.1 trillion drams in 2009 ($13bln
year-on-year rise), with nominal GDP totaling 3.5 trillion drams
in 2008.

Armenia expects 9.2% GDP growth in 2009 (compared to 10% in 2008)
with 4% (±1.5%) inflation

–Boundary_(ID_M5OeqwnMU1bTHsW0Y3aD+A)- –