ARMENIA’S BUDGET DEFICIT WAS 4.7% OF GDP IN 2009

Interfax
Feb 1 2010
Russia

Armenia’s budget deficit in 2009 was 148.3 billion dram, or 4.7%
of GDP, the national statistics service said.

Budget revenues for last year came to 676.4 billion dram, or 21.4%
of GDP, having contracted 10.9% from 2008.

Tax receipts provided 503.3 billion drams, or 15.9% of GDP, 15.9% down
from 2008. Added-value taxes were down 20.2% to 254.1 billion drams,
profit taxes 5.1% to 81.8 billion drams, and excise taxes 6.8% to 42.7
billion drams. Income taxes rose 12% to 60.2 billion drams. Budget
revenues form customs duties dropped 32.7% to 25.1 billion drams.

Budget expenditures came to 824.7 billion drams last year, or 26.1%
of GDP, having risen 8.4% from 2008. Social welfare spending accounted
for 7.7% of GDP, defense for 4.1%, and educaton for 3.3%.

The official exchange rate for February 1: 375.5 drams/$1.