Budget surplus of AMD 47.2 recorded in April 2024 in Armenia

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YEREVAN, July 1. /ARKA/. A budget surplus of AMD 47.2 billion was recorded in Armenia in April 2024, according to the recently published Armenia Monthly Economic Update – June 2024 report by the World Bank./pp “Tax revenues grew by 10.6 percent in nominal terms in April (yoy). This was largely due to/pp growth in income tax collection (48 percent, yoy) as well as environmental tax collection, the latter mostly due to an increase in royalties,” the report said./pp

However, declines in the collection of VAT, excise, and profit taxes were recorded in April, due to observed slowdown in consumption growth./pp “Expenditures expanded by 47.9 percent (yoy), driven by an 82 percent increase in/pp current expenditures, as capital expenditures contracted by 56 percent due to reduced spending on defense. The year-to-date budget balance registered a surplus of AMD 46 billion, one-third of the surplus registered in the same period of last year,” the report said./p br