Armenian government’s budget deficit decreased to AMD 20.7 billion in November, 2024
YEREVAN, January 30. /ARKA/. Armenian government’s budget deficit decreased to AMD 20.7 billion in November (compared to AMD 138.5 billion in October, according to the World Bank’s recurrent Armenia Monthly Economic Update – January 2025 review.
It says tax revenues (including mortgage-related income tax) grew 11.1 percent (yoy) in nominal terms, driven by increases in VAT (15.7 percent, yoy) and income tax (15 percent, yoy). However, profit taxes fell 32 percent (yoy).
Total expenditure fell 0.8 percent (yoy) in November, mainly due to reduced defense spending (down 45.2 percent, yoy).
This was partly compensated by a 35 percent (yoy) increase in social protection spending, with support for refugees continuing.
Capital expenditure fell 44.5 percent (yoy) in November, bringing cumulative capital expenditure to 3.8 percent of GDP, 55 percent of the 2024 projection. The cumulative budget deficit reached AMD 232.2 billion, equivalent to 2.3 percent of annual GDP, compared to the 2024 projected budget deficit of 4.7 percent. ($1 - 398.27 drams)
