Armenian budget deficit at 4.4% of GDP in Jan-Sept
YEREVAN. Nov 2 (Interfax) - Armenia's budget deficit totaled about 93.5 billion dram or 4.4% of GDP through the first nine months of 2009, the National Statistics Service reported.
Budget revenue totaled 475.3 billion dram or 22.4% of GDP, down 13.5% year-on-year in the nine months.
Tax revenue totaled 357.4 billion dram (16.8% of GDP), which is 18% less than a year earlier, including VAT receipts totaling 175.2 billion dram (down 23.7% year-on-year), pretax profit - 63.7 billion dram (down 3.2%), excise taxes - 30.7 billion dram (down 10.4%). Revenue from the individual income tax rose 9.9% year-on-year to 42.4 billion dram.
Budget spending was up 5.6% in January-September year-on-year to 568.8 billion dram or 26.8% of GDP, including spending equal to 8.4% of GDP on the social safety net, 4.2% on defense and 3.6% on education.
Armenia's 2009 budget stipulates 905.4 billion dram in revenue and 945.4 billion dram in spending for a deficit of 40 billion dram or 0.96% of GDP.
The official exchange rate on October 30 was 386.37 dram/$1.