Armenian budget deficit of AMD 46.4 billion recorded in May- WB

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YEREVAN, 16 July. /ARKA/. A budget deficit of AMD 46.4 billion was recorded in May (yoy) in Armenia after a surplus of AMD 47.2 billion in April (yoy), according to the World Bank's Armenia Monthly Economic Update – July 2024 review, published on Tuesday./pp

Tax revenues in nominal terms were almost flat in May, increasing by only 0.8 percent (yoy). VAT and excise collection contracted by 12.1 percent and 11.6 percent (yoy), respectively, due to moderate consumption growth./pp

In contrast, turnover tax and income tax collections increased by 25 percent and 14 percent, respectively, and helped compensate for the decline in indirect taxes./pp

Total expenditures contracted by 9.7 percent (yoy), owing to an 18.4 percent drop in current expenditure./pp

On the other hand, capital expenditure more than doubled, driven by an increase in spending in road construction./pp

The January-May cumulative budget balance showed a marginal deficit of AMD 64 million, compared to an AMD 101 billion surplus recorded in the same period in 2023.. ($1 - 387.97 drams -0-/pp nbsp;/p