YEREVAN, April 29. /ARKA/. In the first quarter of 2016 Armenia’s state budget deficit grew to 31.35 billion drams from 14.5 billion drams in the same period of 2015, according to the National Statistical Service (NSS).
Budget revenues for the first quarter of 2016 decreased by 1.3% when compared to the same period last year to more than 244 billion drams. More than 231 billion drams were collected as taxes and duties, a drop of 0.6% year-on-year. Some 86.5 billion drams were collected as VAT, a drop of 10.5%, 12.5 billion drams were collected as excise taxes, a growth of 20.3%, 24. 6 billion drams were collected as income taxes, a growth of 26% and 71.8 billion drams as profit taxes, a growth of 5.9%.
Another 10.7 billion drams were collected as other revenues against 14.46 billion drams collected in January-March 2015. Some 2.2 billion drams were received as official grants, up from 217.5 million drams for the same period of 2015.
Budget expenditures increased by 5.3% during the reporting period to 275.3 billion drams, while current spending increased by 7% to 273.9 billion drams. Of that amount 34.3% or 93.9 billion drams were paid as social benefits and pensions, a growth of 4.2%, 33.7 billion drams were allocated as grants, a decline of 0.8%, 27.9 billion drams were paid as salaries, a growth of 3.8%. Also 30.1 billion drams were spent on purchase of goods and services, a decline of 32.7 %, 28 billion drams were spent to pay interests, a growth of 39.2% and 35.1 billion drams were other expenses, a growth of 5.9%.
The 2016 state budget calls for 1 trillion and 373.7 billion drams in revenue and 1 trillion and 183 billion drams in spending. The projected deficit is 197 billion drams or 3.5% of GDP. ($ 1 – 479.60 drams). -0-
