Monday, 24 December 2012
Finance Minister Sums Up Financial Year
According to Ministry of Finance forecasts, economic growth in 2012 will be a little higher than the real GDP growth of 7%. This was stated by Minister of Finance Vache Gabrielyan during his year-end news conference which was held at the Government’s Press Center.
“Growth will be attended by low inflation. The 12-month inflation rate will not exceed 4%, with the annual average estimated at 2.5%. We had a successful financial year in 2012 as compared to other countries of the region,” the Minister said.
He said that besides construction, substantial growth will be recorded in all the sectors of industry. He expressed hope that construction will improve in 2013 with the launch of the North-South Highway project. The speaker stressed the fact that the export growth will be nearly twice as higher as that of the imports.
It was also noted that State budget expenditure financing and cash flow management has been smooth in 2012. The spending bids submitted by public agencies were fully funded. In January - November, 2012, public revenue rose to AMD 841bn less the cost of the external sources-funded loan and grant programs. Overall expenditure amounted to AMD831.6bn ensuring 90.2% and 85.1% performance under the finalized annual program.
Income tax, State duty and mandatory social security contributions amounted to AMD792.1bn, ensuring 90.3% performance under the finalized annual program.
