YEREVAN, August 30. /ARKA/. In June, the budget recorded another surplus of AMD 34 billion, driven by a 15.4 percent (yoy) increase in tax revenue collection, World Bank said in its latest Armenia monthly economic update for august 2023.
This was due to increases of 15 percent and 43 percent in VAT and profits tax collections, respectively, explained by higher consumption, strong economic performance, and a 20 percent rise in income tax collection.
Current and capital expenditures were also up, by 12 and 18 percent yoy, respectively. Cumulatively, compared to the budget plan for H1 2023, revenues exceeded expectations by 6 percent, while current and capital expenditures fell short by 6 and 46 percent, respectively, amidst a high and ambitious budget plan for investment.
As a result, the budget surplus for H1 was AMD 135 billion, compared to a planned deficit of AMD 93 billion. ($1 – 386.15 drams) -0-
