The Ministry of Finance of Armenia has released data on the execution of the state budget for January-July 2024.
According to the report, state budget revenues amounted to 1.437 trillion drams (about $3.7 billion), which is a 7.7% increase or 103.3 billion drams (more than $264 million) compared to the same period last year.
State budget expenditures for January-July 2024 reached 1.495 trillion drams (over $3.8 billion), representing a 20.8% increase or 257.8 billion drams (over $663 million) compared to the same period last year.
As a result, Armenia’s state budget for the first seven months of 2024 was executed with a deficit of 58 billion drams (more than $149 million), in contrast to a surplus of 96.4 billion drams (more than $247 million) during the same period last year.
Earlier, BMG reported that Armenia is facing challenges in meeting its tax revenue collection targets for the state budget. In the first half of 2024, the budget received 1.18 trillion drams (approximately $3 billion) instead of the planned 1.3 trillion drams (around $3.34 billion). This shortfall puts additional pressure on public finances.
