YEREVAN, November 2. /ARKA/. Armenia’s public debt-to-GDP ratio in 2027 is projected to be 47.2%, which is 0.7 percentage points higher than the expected 2026 figure, according to Martin Galstyan, Chairman of the Central Bank of Armenia.
Presenting the Central Bank’s conclusion on the draft 2027 state budget to parliament, Galstyan noted that, despite the increase, the figure will remain below 50%.
According to him, the budget deficit is planned at 3.4% of GDP, which is approximately 0.6 percentage points lower than the expected 2026 figure. Fiscal consolidation will be achieved primarily through a significant increase in tax revenues. The head of the Central Bank emphasized the importance of consistently reducing the share of current expenditures in GDP while maintaining a high level of capital investment and increasing its efficiency.
At the same time, fiscal policy will be aimed at strengthening debt sustainability, developing human capital, and expanding the country’s economic potential. In the context of geopolitical and macroeconomic uncertainty, Galstyan stated that special attention must be paid to risk management and strengthening fiscal reserves.
On public debt
As Armenian Finance Minister Vahe Hovhannisyan stated in September, Armenia’s public debt as of June 30, 2026, amounted to 5.12 trillion drams, compared to 5.30 trillion drams as of December 31, 2025. In dollar terms, the public debt amounted to $13.9 billion.
Previously, RA Deputy Finance Minister Avag Avanesyan stated that the Armenian government aims to increase the public debt-to-GDP ratio to 45%.
