Armenian state debt’s growth could overtake GDP growth

Armenian state debt’s growth could overtake GDP growth

The Armenian government approved the draft state budget of the Republic of Armenia for 2016, which provides for 2.2% GDP growth.


"According to the draft state budget, 95.4% of the revenues are to be collected as taxes and duties, and 2.6% and 2% as official grants and other income," Armenian Minister of Finance, Gagik Khachatryan, said.


According to the draft, 47.3% of the spending will be allocated to the social sphere, 20.8% will be channeled into defense, 10% will be released into the economy and 70% will be used to repay debts.  


A projected deficit amounting to 197 billion drams or 3.5% of GDP will be financed through internal and external sources.

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