ARMENIA POSTS BUDGET DEFICIT IN 2008

Interfax
Feb 2 2009
Russia

Armenia posted a budget deficit of 1.5 billion dram, or 0.04% of GDP,
in 2008, the National Statistics Service said in a press release.

Revenue totalled 759.1 billion dram, or 20.8% of GDP. Tax revenue
amounted to 598.7 billion dram, or 16.4%.

Spending reached 760.6 billion dram, or 20.8% of GDP. Spending on
defense amounted to 3.3% of GDP, spending on social benefits was 5.8%
of GDP and spending on education 2.7% of GDP.

Armenia’s GDP climbed 6.8% in 2008, compared to the 10% forecast by
the budget. GDP was 3.65 trillion dram.

The Armenian parliament approved the 2009 budget with a deficit of 40
billion dram, or 0.96% of GDP. Revenue was confirmed at 905.4 billion
dram and spending at 945.4 billion.