Armenian economic growth positive trends retained in 2007
Armenian economic growth positive trends retained in 2007The positive economic growth trends of recent years were retained in 2007 which provided favourable conditions for a successful fulfilment of the Poverty Reduction Strategic Program, Vice-President of RA Central Bank Artur Javadyan said referring to the Central Bank conclusion on the government’s 2007 budget fulfilment report.
The key achievement of the year was the unprecedented high tax collection level and, therefore, a record-big share of tax receipts in GDP – 16.1% - which exceeds the showing of last year by 1.6% and is by 0.4% higher than the planned showing.
Tax revenues totalled 33% in 2007, while this showing was on average 16% in recent years.
The CBA vice-president also referred to some problems seen in the budget fulfilment process in recent years. This first of all applies to the disproportional quarterly fulfilment of budget expenditures. Traditionally for the last several years, budget expenditure savings have been bigger in the first two quarters.
Armenian state budget revenues exceeded 588bln drams in 2007, and expenditures totalled 634.7bln drams. In 2007, Armenian state budget was fulfilled with a surplus of 4.2bln drams.
