Armenian Parliament Approves Annual Report On Implementation Of 2008

ARMENIAN PARLIAMENT APPROVES ANNUAL REPORT ON IMPLEMENTATION OF 2008 STATE BUDGET

Noyan Tapan
June 9, 2009

YEREVAN, JUNE 9, NOYAN TAPAN. The National Assembly of the RA on June 9
approved the annual report on implementation of the 2008 state budget
with 87 votes for and 3 votes against. Heritage faction’s members
present at the sitting voted against.

By the report, the revenues of the 2008 state budget amounted to
785.4bn drams, expenditures – 810.6bn drams, and the deficit of the
budget made 25.2bn drams.

The revenues and official transfers made 97.7% of the specified
programmed index or 21.5% of GDP, while the expenditures made 94.2%
or 22.2% of GDP.

The underfulfilment was mainly conditioned by the insufficient
receiving of envisaged funds from foreign sources. The deficit made
up 0.7% of GDP instead of the programmed 2.1%.

In 2008, under conditions of the global financial and economic crisis,
6.8% growth was recorded in the Armenian economy, which was lower by
3.2% than the programmed index. The target amount of tax revenues
(including duties) of 621.1bn drams or 17% of GDP was ensured. The
programmed level of inflation – 4+/-1.5% was maintained, with inflation
being 5.2% at the end of the reporting period. As a result, in 2008
GDP amounted to 3,650bn drams in market prices, while GDP per capita
made 1 million 128 thousand 600 drams or 3,689 USD.