In 2023, the budget deficit of Armenia was 1.1 percentage points lower than the planned level, announced Finance Minister Vahe Hovhannisyan during preliminary discussions of the annual report "On the Execution of the State Budget of the Republic of Armenia for 2023" in the National Assembly.
"Under conditions of a planned neutral fiscal policy and economic growth exceeding forecasts, a policy of complete demand restraint was implemented in 2023. This allowed for a reduction in the budget deficit relative to GDP," noted Hovhannisyan.
The minister also reported that the government debt-to-GDP ratio in 2022 was 48.1%. The growth compared to the previous year was 1.4 percentage points, but this figure was 1.7 percentage points lower than projected.
