2012 budget should mark transition from stability to economic growth: prime minister
01.11.2011,
23:07
The 2012 budget should mark the transition from stability to economic growth, Prime Minister Tigran Sargsyan said today during a discussion of the draft budget in the parliament.
YEREVAN, November 1. /ARKA/. The 2012 budget should mark the transition from stability to economic growth, Prime Minister Tigran Sargsyan said today during a discussion of the draft budget in the parliament.
"Our priority is economic growth. In 2012 we must collect 937 billion AMD in revenues and spend 1.069 billion drams. Thus, our deficit is set at 132 billion drams," he said.
The prime minister said the deficit is reducing and the spending will increase mainly due to growth in tax revenues by 101 billion drams.
"The emphasis will be placed on the one hand on improvement of tax administration, and on the other hand on legislative changes that would extend the tax base. Third, we will stimulate economic growth. The policy of reducing the deficit will continue in 2013-14 years ", he said.
He also said the projected GDP growth for 2012 is 4.2%, down from 4.6% in 2011.
"When planning a lower rate of economic growth, we took into account the risks and challenges of the external environment and the assessment of international organizations,’ said the prime minister.
The 2012 draft budget calls for 910 billion drams in revenues and 1.042.5 trillion drams in spending. The amount of revenue is projected to increase by 6.8% from this year’s budget (852.4 billion drams). The spending is expected to grow by 41.5 billion drams. Some 86.1% of the spending (897.8 billion drams) is projected as current expenditure; 13.9% or 144.7 billion drams are projected as net non-financial expenditure. Some 46.2% are projected as social spending (education, health, social security), 19.8% as defense, public order and national security spending, 13.2% are planned for economic boost, 4.5% are projected to pay off Armenia’s state debt. Besides, 3.1 % of the blueprint budget is projected as official grants to communities and 2% as government reserve fund. -0-
"Our priority is economic growth. In 2012 we must collect 937 billion AMD in revenues and spend 1.069 billion drams. Thus, our deficit is set at 132 billion drams," he said.
The prime minister said the deficit is reducing and the spending will increase mainly due to growth in tax revenues by 101 billion drams.
"The emphasis will be placed on the one hand on improvement of tax administration, and on the other hand on legislative changes that would extend the tax base. Third, we will stimulate economic growth. The policy of reducing the deficit will continue in 2013-14 years ", he said.
He also said the projected GDP growth for 2012 is 4.2%, down from 4.6% in 2011.
"When planning a lower rate of economic growth, we took into account the risks and challenges of the external environment and the assessment of international organizations,’ said the prime minister.
The 2012 draft budget calls for 910 billion drams in revenues and 1.042.5 trillion drams in spending. The amount of revenue is projected to increase by 6.8% from this year’s budget (852.4 billion drams). The spending is expected to grow by 41.5 billion drams. Some 86.1% of the spending (897.8 billion drams) is projected as current expenditure; 13.9% or 144.7 billion drams are projected as net non-financial expenditure. Some 46.2% are projected as social spending (education, health, social security), 19.8% as defense, public order and national security spending, 13.2% are planned for economic boost, 4.5% are projected to pay off Armenia’s state debt. Besides, 3.1 % of the blueprint budget is projected as official grants to communities and 2% as government reserve fund. -0-
