In April 2024, Armenia recorded a record budget surplus of 47.1 billion drams (over 120 million USD). This is stated in the World Bank's monthly review on Armenia's economic development.
The review notes that Armenia's tax revenues in April increased by 10.6% in nominal terms. This was mainly due to a 47% increase in income tax collection, as well as environmental taxes, primarily due to increased royalties.
However, World Bank experts also recorded a decline in VAT, excise tax, and income tax collection, which was due to a significant slowdown in consumption growth.
Expenditures in April increased by 47.9%, driven by an 82% increase in current expenditures, while capital expenditures decreased by 56% due to reduced allocations to the defense sector.
"From the beginning of the year to April, the budget recorded a surplus of 46 billion drams, which is one-third of the surplus for the same period last year," the report states.
BMG reminds that Armenia's state budget revenues for 2024 are planned at 2.7 trillion drams (over $6.9 billion), which will account for 24.9% of GDP. Meanwhile, expenditures will amount to 3.2 trillion drams (over $8.2 billion). The budget deficit will increase by approximately 142 billion drams (over $364 million) compared to the initial draft and will total around 483 billion drams (over $1.2 billion), or 4.6% of GDP.
