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.