Budget deficit of AMD 26.5 billion (yoy) recorded in Armenia in August

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YEREVAN, October 23. /ARKA/. A budget deficit of AMD 26.5 billion (yoy) was recorded in August, bringing the cumulative deficit to 0.8 percent of annual projected GDP, according to the World Bank's ‘’Armenia Monthly Economic Update – October 2024’’./pp

In nominal terms, tax revenues (including mortgage-related income tax refund) grew by 11.1 percent (yoy) in August./pp

Environmental, turnover, and excise taxes recorded the highest growth rate at 40 percent (yoy), 31 percent (yoy), and 18 percent (yoy), respectively./pp

Total expenditure grew by 10.5 percent (yoy) in August, primarily driven by spending on social protection, which grew by 29 percent (yoy) due to additional outlays in support of refugees.br Meanwhile, capital expenditure decreased 0.5 percent (yoy) in August./pp

Cumulatively, tax revenues grew 8.8 percent; however, net of mortgage-related income tax refunds (as in previous years), total tax revenues increased only 5.3 percent (yoy), while total expenditure grew 16 percent (netting out mortgage-related payments)./pp

This increased the budget deficit to AMD 84.6 billion, compared with an AMD 71.6 billion surplus in the same 2023 period. -0-nbsp;/p