Interfax, Russia
April 30 2009

Armenian budget deficit for Q1 at 2.9% of GDP

YEREVAN April 30

Armenia’s budget deficit for January-March 2009 came to 13.6 billion
dram (372.2 dram/$1 on April 30, 2009), or 2.9% of the country’s GDP,
the National Statistics Services said.

Budget revenues for the first quarter came to 139.8 billion dram, or
30% of GDP, while budget expenditures amounted to 153.4 billion dram,
or 32.9% of GDP.

In comparison with the same period of 2008, revenues shrank by
9.7%. Tax windfalls dropped by 16.7% to 102.5 billion dram, or 22% of
GDP, including 51 billion dram in value added taxes (down 20.1%) and
15.9 billion dram on profit taxes (down 20.8%). Deductions on income
tax increased by 11.4% to 11.9 billion dram.

In comparison with the same period of 2008, expenditures increased by
10.4%. Among expenditures, social protection programs accounted for
12.1% of GDP, defense – 4.7% and education – 4.2%.

It was earlier reported that Armenia’s budget revenue for 2009 has
been confirmed at 905.4 billion dram, including 727.5 billion dram
from tax revenue and state duties. Expenditures have been set at 945.4
billion dram forming a budget deficit of 40 billion dram, or 0.96% of
GDP.

From: Emil Lazarian | Ararat NewsPress