Armenia's economy expected to grow by 5.6 per cent in 2025 - Finance Minister

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YEREVAN, 28 October. /ARKA/. Armenian Finance Ministry expects a 5.6 percent economic growth in 2025, minister Vahe Hovhanissyan told a parliament discussion on the draft state budget drawn up for the next year./pp 'We expect that the gross domestic product (GDP) will amount to 11 trillion 50 billion drams, while the deflator to 3.5%, Hovhannisyan said./pp

He pointed out that economic growth of 5.8 per cent is forecastnbsp;for 2024. The government expects to collect this year 2 trillion 455 billion drams in revenue, down from the earlier planned 2 trillion 613 billion drams./pp ‘In 2026-2027, we expect economic growth of 5.5 per cent on average. Provided this growth, the government will implement its programnbsp;and ensure, on average, 7% economic growth between 2021 and 2026,’ - Hovhannisyan said ./pp

At the same time, he noted that the goals have not changed and the government will strive to ensure 7 per cent growth in 2025, for which additional efforts will be made along with acceleration of reforms./pp

Hovhannisyan informed that the spending part of the 2025 state budget is projected at 3 trillion 452 billion drams and the revenues – at 2 trillion 873 billion drams. The projected budget deficit is 5.5 per cent or 609 billion drams./pp

The minister noted that next year the tax-to-GDP ratio is expected to make 25%./pp

The draft state budget for 2025 approved by the Armenian government envisages an average inflation of 3.5%, and the ratio of government debt to GDP - at 53.5%. ($1 - 387.25 drams).-0-/p