Armenia’s state debt exceeded8% of GDP in 2023 – Finance Ministry

YEREVAN, May 29. /ARKA/. Armenia’s state debt in 2023 amounted to 48.1% of GDP, Finance Minister Vahe Hovhannisyan said today.
“This is 1.4% more than in 2022,” he said in parliament during discussions on the execution of the 2023 budget.
The budget deficit amounted to 2% of GDP in 2023, according to the minister. The deficit and the state debt were expected to be higher at the beginning of 2023. However, thanks to the economic growth, which exceeded expectations and provided additional tax revenues, the situation changed for the better.
According to the National Statistical Committee, as of December 31, 2023, the total state debt stood at more than $11.84 billion, up from almost $10.64 billion a year earlier.
Some  $6.5 bln.of the total debt was the external debt, while the domestic  debt exceeded $5.34 bln.
According to official statistics, Armenia’s economy grew by 8.7% last year, up from projected 7%.-0-.