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Last updated - November 15, 2011

State Budget Monthly Data for 2011 (bln AMD)


State Budget Expenditures, Revenues and Deficit for 2011, billion AMD (by economic classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep
TOTAL REVENUES 57.1 114.4 178.9 254.8 325.7 399.3 482.2 552.1 620.6
 Tax Revenues 43.1 86.4 135.5 195.4 250.9 305.1 361.8 416.1 468.9
   VAT 22.1 43.8 68.8 96.4 124.8 151.0 181.9 212.1 240.1
   Enterprise Profit Tax 5.4 11.2 20.8 36.8 45.3 56.6 63.1 69.8 77.7
   Personal Income Tax 5.2 11.5 17.6 24.1 31.1 37.4 45.1 52.5 59.0
   Excise Tax 4.5 7.1 8.9 11.8 14.6 17.8 20.6 24.0 27.9
   Other Taxes 6.0 12.8 19.4 26.4 35.1 42.3 51.1 57.7 64.1
 State Duties 1.4 2.7 4.4 6.0 7.7 9.7 11.5 13.9 16.1
 Compulsory Social Insurance Payments 8.5 19.1 29.9 40.2 50.7 60.9 71.6 82.0 92.6
 Official Grants - - 0.1 0.1 0.2 2.8 11.9 12.4 12.4
 Other Revenues 4.1 6.2 8.9 13.0 16.2 20.8 25.3 27.8 30.6
TOTAL EXPENDITURES 36.9 109.5 181.4 257.2 332.4 405.8 492.7 566.9 636.9
 Current Expenditures 35.2 102.3 166.9 236.3 304.0 371.2 445.9 510.5 570.1
   Wages 2.6 9.5 15.6 22.2 28.4 34.4 41.4 47.7 53.6
   Compulsory Social Insurance Payments 0.1 0.6 1.0 1.5 2.0 2.4 2.9 3.3 3.8
   Goods and Services 0.3 16.3 29.6 44.0 58.4 73.4 92.4 103.1 116.3
   Interest Payments 1.8 5.3 7.5 10.9 13.1 17.6 19.3 23.3 25.2
   Subsidies 0.3 2.4 3.9 5.3 7.1 8.9 10.6 12.2 13.4
   Grants 3.5 10.4 18.4 26.1 36.3 44.5 54.1 62.9 69.8
   Social Allowances and pensions 19.9 38.6 62.6 84.4 106.2 127.1 148.7 169.6 190.5
   Other Expenditures 6.8 19.2 28.4 41.8 52.7 62.8 76.4 88.4 97.5
 Transactions with Nonfinancial Assets 1.8 7.1 14.4 20.9 28.3 34.6 46.8 56.4 66.8
DEFICIT FINANCING 20.1 4.9 -2.4 -2.4 -6.7 -6.6 -10.5 -14.8 -16.3


State Budget Expenditures for 2011, billion AMD (by functional classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep
TOTAL EXPENDITURES 36.9 109.5 181.4 257.2 332.4 405.8 492.7 566.9 636.9
  Public Services of Common Nature 5.5 18.5 29.7 42.2 55.8 69.6 81.4 94.7 105.2
  Defense 7.7 18.2 27.7 41.4 52.9 63.2 78.5 91.4 101.3
  Public Order, Security and Judicial Activities 2.7 8.0 13.0 18.9 24.2 29.9 36.4 41.9 47.5
  Economic Relations 0.6 2.9 5.0 7.8 10.6 13.8 16.1 20.7 24.6
  Environment Protection - 0.7 0.9 1.3 1.7 2.0 2.3 2.7 3.0
  Housing and Communal Facilities 0.1 4.7 10.0 13.4 16.4 18.8 22.7 24.1 25.9
  Public Health - 6.9 10.5 15.0 20.1 24.7 29.3 34.7 39.3
  Rest, Culture and Religion 0.4 2.0 3.3 4.9 6.3 7.7 9.6 11.1 12.6
  Education 0.03 8.8 17.8 26.8 36.2 45.7 59.5 64.5 72.6
  Social Protection 19.9 38.6 62.6 84.2 105.7 126.5 148.5 169.9 191.1
  Expenditures not classified under the Main Group 0.02 0.2 0.7 1.3 2.5 4.0 8.4 11.2 13.7

Table 2.1. Consolidated Budget
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Total Expenditures (bln AMD) 176.1 233.8 280.2 254.4 278.1 299.8 364.6 393.5 488.5 567.8 746.8 827.4 943.9 950.5
Total Expenditures (in % of GDP) 21.9 24.5 28.4 24.7 23.3 22.0 22.4 20.6 21.8 21.4 23.7 23.2 30.4 27.1
Total Revenues and Grants (bln AMD) 155.8 198.8 226.5 204.8 228.7 266.3 343.8 364.1 449.9 533.4 698.3 800.8 702.9 779.7
Total Revenues and Grants (in % of GDP) 19.4 20.8 22.9 19.9 19.1 19.5 21.2 19.1 20.1 20.1 22.2 22.4 22.7 22.2
Deficit Financing (bln AMD) 20.3 35.1 53.7 49.7 49.3 33.5 20.9 29.3 38.5 34.3 48.5 26.6 241.0 170.8
Deficit Financing (in % of GDP) 2.5 3.7 5.4 4.8 4.1 2.5 1.3 1.5 1.7 1.3 1.5 0.7 7.8 4.9

State Budget Monthly Data for 2010 (bln AMD)
Starting from 2008 the classification of State Budget Indicators is made according to 2001 GFS Manual.


State Budget Expenditures, Revenues and Deficit for 2010, billion AMD (by economic classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL REVENUES 51.1 103.1 164.1 233.8 299.1 366.3 438.8 503.3 566.6 628.3 690.2 755.8
 Tax Revenues 39.3 78.5 123.6 177.8 228.1 277.5 329.0 378.0 426.7 475.4 524.5 574.1
   VAT 21.9 40.2 63.5 88.2 115.4 142.6 170.1 196.5 223.0 249.8 275.8 301.7
   Enterprise Profit Tax 4.6 11.3 18.8 31.6 37.9 43.5 48.7 53.5 59.3 64.9 70.9 77.8
   Personal Income Tax 4.4 10.6 16.2 22.5 28.3 34.5 41.2 47.9 54.6 60.7 67.2 73.9
   Excise Tax 3.5 6.8 9.6 12.4 17.2 21.4 25.6 30.5 34.6 37.8 42.2 48.1
   Other Taxes 4.8 9.5 15.5 23.1 29.3 35.6 43.4 49.7 55.2 62.2 68.4 72.4
 State Duties 0.9 2.0 3.5 5.1 6.7 8.6 10.6 12.9 14.5 16.1 18.0 20.0
 Compulsory Social Insurance Payments 6.8 16.4 26.2 35.8 45.2 54.7 64.9 74.6 84.2 91.3 98.5 105.3
 Official Grants - - 0.8 1.2 1.4 1.7 5.3 5.5 5.9 5.9 5.9 6.1
 Other Revenues 4.2 6.3 10.0 14.0 17.8 23.8 28.9 32.3 35.4 39.7 43.4 50.3
TOTAL EXPENDITURES 38.6 106.2 170.1 243.0 309.9 383.2 463.5 529.8 595.0 669.4 742.6 856.8
 Current Expenditures 34.7 98.8 159.1 223.7 284.7 348.8 419.4 478.0 634.8 597.7 662.1 750.6
   Wages 2.1 8.6 14.8 21.0 26.9 32.5 39.1 45.0 50.3 56.5 62.5 73.1
   Compulsory Social Insurance Payments 0.03 0.5 1.0 1.4 1.8 2.3 2.8 3.2 3.6 4.1 4.5 5.3
   Goods and Services 0.3 14.8 28.0 41.4 54.5 68.4 86.2 96.8 109.1 124.2 137.6 160.0
   Interest Payments 1.8 4.9 6.1 7.6 10.2 14.7 16.6 19.7 21.9 22.9 25.2 30.2
   Subsidies 0.3 2.3 3.9 5.7 7.1 8.4 10.3 11.7 12.9 14.5 16.0 17.9
   Grants 5.7 12.3 20.4 28.2 34.0 42.4 49.6 58.2 66.2 74.1 82.9 94.5
   Social Allowances and pensions 18.3 38.3 58.2 79.0 100.0 120.6 141.5 161.3 180.3 201.1 222.3 244.0
   Other Expenditures 6.2 17.0 26.7 39.3 50.3 59.5 73.2 82.2 90.6 100.3 111.1 125.6
 Transactions with Non-Financial Assets 4.0 7.4 11.0 19.3 25.2 34.5 44.1 51.8 60.2 71.7 80.5 106.2
DEFICIT FINANCING 12.5 -3.0 -6.0 -9.3 -10.8 -16.9 -24.7 -26.5 -28.4 -41.1 -52.4 -101.0


State Budget Expenditures for 2010, billion AMD (by functional classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL EXPENDITURES 38.6 106.2 170.1 243.0 309.9 383.2 463.5 529.8 595.0 669.4 742.6 856.8
  Public Services of Common Nature 7.3 18.5 29.9 39.6 49.7 63.6 75.1 86.6 97.1 108.1 121.1 141.8
  Defense 5.7 15.7 24.5 38.5 50.9 63.3 78.1 87.5 96.7 107.2 118.9 147.6
  Public Order, Security and Judicial Activities 2.3 7.1 12.3 17.7 23.0 28.1 33.5 39.0 43.9 50.5 56.5 65.2
  Economic Relations 0.7 2.9 5.0 8.9 10.3 13.9 17.9 22.3 26.4 31.2 34.8 38.9
  Environment Protection - 0.2 0.4 0.5 0.6 0.9 1.3 1.4 1.6 1.8 2.0 2.4
  Housing and Communal Facilities 3.8 7.0 9.2 14.0 16.7 19.4 23.2 25.7 27.9 29.7 30.5 31.2
  Public Health 0.005 5.3 9.0 12.8 17.0 21.2 25.4 29.6 34.0 38.7 43.3 52.7
  Rest, Culture and Religion 0.6 2.1 3.2 4.7 6.1 7.3 9.0 10.2 11.5 13.0 14.3 16.0
  Education 0.03 8.6 17.6 26.1 34.7 43.7 55.8 60.6 67.2 75.6 83.6 95.3
  Social Protection 18.3 38.5 58.4 79.0 99.6 120.0 141.5 162.0 181.4 202.4 223.6 244.1
  Expenditures not classified under the Main Group - 0.1 0.8 1.2 1.3 1.7 2.8 4.8 7.4 11.1 14.0 21.8


State Budget Monthly Data for 2009 (bln AMD)



State Budget Expenditures, Revenues and Deficit for 2009, billion AMD (by economic classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL REVENUES 41.8 84.6 139.8 195.4 244.7 300.4 359.0 415.5 475.3 539.3 603.9 676.4
 Tax Revenues 33.8 65.0 102.6 145.7 182.7 224.8 269.1 311.4 357.4 405.8 455.0 503.3
   VAT 18.2 32.9 51.0 67.8 83.4 104.8 127.8 150.1 175.2 201.6 229.7 254.2
   Enterprise Profit Tax 3.9 8.9 15.9 30.1 38.4 45.3 51.8 57.4 63.7 70.2 76.0 81.8
   Personal Income Tax 3.1 7.6 12.0 16.3 21.3 26.8 32.4 37.5 42.4 47.6 52.9 60.2
   Excise Tax 3.3 6.2 9.3 12.4 15.8 19.1 22.6 26.8 30.8 35.0 38.4 42.8
   Other Taxes 5.4 9.5 14.4 19.1 23.9 29.0 34.4 39.6 45.3 51.4 57.9 64.4
 State Duties 1.3 2.6 4.0 5.3 6.6 8.3 10.2 12.0 13.6 15.5 17.0 19.0
 Compulsory Social Insurance Payments 4.8 12.8 21.5 30.1 38.7 47.8 56.9 65.5 74.1 83.4 92.5 102.9
 Official Grants 0.002 0.1 2.5 2.5 2.6 2.7 2.7 2.8 3.0 3.0 3.2 8.1
 Other Revenues 1.9 4.2 9.2 11.9 14.1 16.8 20.2 23.7 27.1 31.7 36.3 43.0
TOTAL EXPENDITURES 34.5 98.9 153.4 217.2 279.2 347.5 426.5 494.5 568.8 648.1 718.8 824.7
 Current Expenditures 35.3 95.7 147.7 205.5 262.2 321.1 386.6 443.8 502.6 566.0 624.0 709.5
   Wages 2.1 8.2 13.9 19.8 25.1 30.6 36.7 42.4 48.2 54.2 59.7 70.8
   Compulsory Social Insurance Payments 0.05 0.5 1.0 1.4 1.8 2.2 2.7 3.1 3.4 3.9 4.3 5.3
   Goods and Services 0.7 15.5 27.8 40.3 53.1 66.4 82.9 92.3 104.1 118.0 129.8 152.7
   Interest Payments 0.5 2.7 3.5 4.3 5.0 5.9 6.3 8.7 9.8 10.5 12.1 16.2
   Subsidies 0.4 2.0 3.7 5.4 6.9 8.5 10.8 12.2 13.6 15.4 17.0 19.0
   Grants 6.8 12.4 17.1 22.9 27.9 34.7 41.3 48.6 54.8 64.3 71.7 79.7
   Social Allowances and pensions 18.4 38.2 55.7 76.2 96.9 117.2 137.5 157.7 177.5 198.3 218.1 240.2
   Other Expenditures 6.3 16.2 25.0 35.2 45.3 55.4 68.4 78.8 91.2 101.5 111.2 125.6
 Transactions with Non-Financial Assets -0.8 3.2 5.7 11.7 17.0 26.4 39.9 50.8 66.2 82.1 94.8 115.2
DEFICIT FINANCING 7.3 -14.3 -13.6 -21.7 -34.5 -47.0 -67.5 -79.0 -93.5 -108.7 -114.9 -148.3


State Budget Expenditures for 2009, billion AMD (by functional classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL EXPENDITURES 34.5 98.9 153.4 217.2 279.2 347.5 426.5 494.5 568.8 648.1 718.8 824.7
  Public Services of Common Nature 6.1 16.7 23.8 30.9 37.5 45.5 53.7 64.0 72.9 83.9 95.0 111.8
  Defense 4.7 13.6 22.0 31.7 41.3 51.5 64.7 75.1 90.1 101.2 112.7 130.6
  Public Order, Security and Judicial Activities 2.2 7.0 11.9 17.0 21.6 27.4 32.8 38.3 44.2 50.4 56.0 66.8
  Economic Relations 1.9 4.7 6.5 8.5 12.2 14.9 21.2 25.7 29.0 35.9 40.6 50.3
  Environment Protection 0.004 0.2 0.4 0.6 0.7 0.9 1.1 1.2 1.4 1.9 2.2 2.6
  Housing and Communal Facilities 0.5 0.7 1.1 2.3 3.0 3.8 5.0 5.6 6.8 7.8 8.6 10.6
  Public Health 0.01 5.8 8.6 12.6 16.7 20.8 25.1 29.5 33.3 38.4 42.5 52.5
  Rest, Culture and Religion 0.6 2.0 3.2 4.6 5.9 7.2 8.7 10.2 11.4 13.2 14.5 16.3
  Education 0.04 10.0 19.5 29.6 39.7 49.6 63.3 69.1 77.0 86.5 94.1 105.8
  Social Protection 18.5 38.2 56.1 76.7 96.4 117.7 138.3 158.0 179.2 201.0 221.2 243.4
  Expenditures not classified under the Main Group - 0.04 0.4 2.8 4.3 8.1 12.6 17.8 23.5 27.8 31.5 34.0


State Budget Monthly Data for 2008 (bln AMD)



State Budget Expenditures, Revenues and Deficit for 2008, billion AMD (by economic classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL REVENUES 47.4 99.1 154.7 216.9 282.2 344.8 414.0 483.3 549.1 625.0 695.3 759.2
 Tax Revenues 37.8 78.8 123.2 173.1 226.0 275.0 328.6 383.5 436.2 496.0 553.1 598.8
   VAT 20.8 42.0 63.9 87.2 116.3 141.6 170.6 198.7 229.5 267.3 297.4 318.3
   Enterprise Profit Tax 4.4 11.2 20.1 31.8 39.5 46.5 53.4 60.3 65.9 71.1 79.1 86.2
   Personal Income Tax 2.7 6.6 10.8 14.7 19.7 23.8 29.0 34.5 38.6 42.8 47.3 53.7
   Excise Tax 3.3 6.5 10.0 12.9 16.8 20.9 24.5 29.5 34.3 38.2 42.6 45.9
   Other Taxes 6.6 12.6 18.5 26.4 33.8 42.2 51.2 60.5 67.9 76.4 86.7 94.6
 State Duties 1.5 3.1 4.8 6.5 8.2 9.9 12.1 14.7 16.6 18.7 20.4 22.3
 Compulsory Social Insurance Payments 6.2 13.5 21.3 29.6 37.6 46.6 55.1 64.3 72.6 83.8 92.8 105.0
 Official Grants 0.01 0.01 0.02 0.02 0.1 0.4 2.8 3.1 3.3 3.6 3.6 3.9
 Other Revenues 2.0 3.6 5.4 7.8 10.2 12.9 15.4 17.8 20.6 23.0 25.4 29.2
TOTAL EXPENDITURES 32.2 93.9 139.0 205.6 265.3 327.8 405.8 469.3 538.8 614.2 673.1 760.6
 Current Expenditures 33.1 91.6 133.9 193.0 243.4 297.2 357.7 410.1 461.2 520.5 572.2 643.0
   Wages 1.7 6.7 11.5 16.6 21.0 25.7 31.1 36.1 40.3 45.1 49.8 59.2
   Compulsory Social Insurance Payments 0.04 0.5 0.9 1.3 1.7 2.2 2.2 2.5 3.4 3.8 4.2 4.9
   Goods and Services 1.0 13.3 24.8 35.8 46.9 58.2 71.8 80.2 91.1 103.0 113.5 134.5
   Interest Payments 1.4 2.1 2.9 3.6 4.3 5.3 5.9 7.8 8.7 9.5 10.1 11.1
   Subsidies 0.8 2.5 4.0 5.9 7.9 10.2 13.3 15.6 17.1 18.9 20.1 22.1
   Grants 5.4 12.5 16.8 26.0 30.9 35.9 46.0 52.1 60.1 68.5 76.8 83.0
   Social Allowances and pensions 16.5 39.9 49.7 67.4 84.5 101.4 118.5 134.9 152.5 172.6 189.9 208.0
   Other Expenditures 6.2 14.1 23.2 36.3 46.1 58.4 68.9 81.0 88.2 99.0 107.7 120.2
 Transactions with Non-Financial Assets -0.9 2.3 5.0 12.5 21.9 30.6 48.1 59.2 77.6 93.7 100.9 117.7
DEFICIT FINANCING 15.2 5.2 15.8 11.3 17.0 17.0 8.2 14.0 10.3 10.8 22.2 -1.4


State Budget Expenditures for 2008, billion AMD (by functional classification)*
* Excluding PIU accounts.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
TOTAL EXPENDITURES 32.2 93.9 139.0 205.6 265.3 327.8 405.8 469.3 538.8 614.2 673.1 760.6
  Public Services of Common Nature 7.0 15.1 21.8 32.9 39.4 46.4 58.6 66.6 76.0 84.6 92.7 103.2
  Defense 4.9 13.2 21.5 34.5 45.0 54.4 65.5 77.0 86.0 96.8 106.7 121.2
  Public Order, Security and Judicial Activities 2.0 5.5 10.6 16.0 20.7 25.4 30.4 34.5 39.9 45.0 50.3 60.1
  Economic Relations 0.2 2.4 4.4 8.4 13.7 21.0 31.6 35.7 40.9 51.1 51.5 54.4
  Environment Protection - 0.2 0.3 0.5 0.6 0.8 1.0 1.2 1.4 1.7 1.8 2.1
  Housing and Communal Facilities 0.4 1.6 1.9 2.6 3.4 3.9 4.8 5.3 6.0 7.4 8.0 8.8
  Public Health 0.003 5.0 7.8 11.4 15.0 18.8 23.0 26.6 30.6 35.7 39.4 48.4
  Rest, Culture and Religion 0.5 1.8 2.8 4.2 5.4 6.6 8.2 9.5 10.7 12.4 13.7 16.0
  Education 0.1 7.6 14.9 23.4 33.0 42.8 56.5 62.7 70.9 79.1 86.3 100.0
  Social Protection 17.0 41.0 51.8 69.4 86.2 102.9 120.4 137.4 154.0 175.2 192.9 212.2
  Expenditures not classified under the Main Group 0.1 0.5 1.1 2.2 2.8 4.8 5.8 12.8 22.3 25.4 29.8 34.3

Table 2.2. State Budget Expenditures by Functional Classification (bln AMD)
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Total Expenditures 146.9 204.6 242.6 222.9 244.4 263.9 312.7 334.0 417.5 481.2 634.7
 Public Services of Common Nature 13.9 21.8 20.3 21.2 23.6 24.2 30.0 36.6 44.2 49.9 62.2
 Defense 31.4 33.7 36.5 36.7 36.8 36.8 44.3 52.3 64.4 78.3 95.8
 Maintenance of Public Order and Security 10.9 13.1 14.5 15.0 15.3 16.2 20.8 24.6 35.0 41.1 52.0
 Education and Science 15.5 19.7 22.1 28.6 29.0 29.1 34.8 47.4 60.8 72.1 95.1
 Public Health 9.5 13.7 13.6 9.8 15.7 16.0 19.6 24.7 31.1 39.4 46.9
 Social Insurance and Social Security 12.6 20.0 26.1 22.0 26.1 23.8 29.3 35.0 44.1 52.3 63.1
 Culture, Information, Sport and Religion 3.2 4.1 3.7 3.7 5.5 6.5 14.1 8.5 10.4 13.6 16.7
 Housing and Communal Facilities 2.7 9.3 13.4 12.8 7.1 8.4 37.8 12.0 22.7 22.2 21.9
 Fuel and Energy Complex 1.4 8.1 4.7 3.1 6.9 8.4 7.0 9.6 3.6 5.1 29.4
 Agriculture, Forestry and Aquaculture, Fishing 2.5 12.2 26.8 16.8 17.0 14.5 19.9 16.4 13.2 18.3 27.6
 Industry, Mineral Fossils (excl. fuel), Construction & Nature Protection 1.1 1.4 5.6 0.4 0.6 0.7 -6.3 3.1 4.8 7.3 7.8
 Transport, Communication and Roading 3.2 10.0 9.6 6.1 7.0 7.8 30.4 18.5 21.1 31.4 48.0
 Other Expenditures 38.8 37.6 45.7 46.8 53.7 71.7 31.1 45.3 62.1 50.1 68.2

Table 2.3. State Budget Expenditures by Economic Classification (bln AMD)
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Total Expenditures 146.9 204.6 242.6 222.9 244.4 263.9 312.7 334.0 417.5 481.2 634.7
 Current Expenditures 122.9 146.5 174.3 168.6 188.6 219.4 222.3 262.8 329.1 356.6 415.6
   Wages 19.5 25.4 17.2 19.5 19.8 20.6 13.7 24.2 32.9 40.2 46.0
   Interest Payments 19.9 18.4 19.8 13.9 14.8 15.7 11.4 9.8 9.9 9.0 10.0
   Subsidies 2.9 1.4 13.9 7.3 6.5 8.2 14.5 18.1 14.7 19.9 21.9
   Current Transfers 27.1 34.2 42.3 36.5 42.1 47.3 41.8 50.1 72.4 88.4 102.1
   Goods and Services 53.4 67.2 81.0 91.4 105.3 127.5 140.9 160.5 199.2 199.1 235.6
 Capital Expenditures 9.6 44.3 42.2 38.7 39.8 34.2 83.8 60.6 75.3 106.7 195.8
 Net Lending 14.5 13.9 26.1 15.6 16.0 10.3 6.6 10.5 13.1 17.9 23.3

Table 2.4. State Budget Revenues (bln AMD)
  1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Total Revenues and Grants 94.0 98.2 126.2 168.7 190.9 172.1 193.6 228.3 292.0 302.2 374.7 441.5 588.0
  Tax Revenues and State Duties 56.1 69.1 102.9 130.4 158.8 152.6 168.8 198.6 227.4 267.0 321.5 385.1 505.5
    VAT 17.0 21.2 37.4 59.5 68.3 66.8 79.5 95.0 107.8 117.9 146.8 165.9 248.0
    Personal Income Tax 6.8 8.8 14.4 13.5 17.5 13.4 11.2 12.5 16.8 20.4 26.6 35.5 46.8
    Enterprise Profit Tax 23.9 16.6 16.9 12.3 21.5 20.4 16.3 17.4 17.6 32.0 46.6 65.3 75.5
    Excise Tax 2.4 11.2 18.3 19.9 21.7 26.1 31.0 35.3 39.1 40.7 38.6 39.9 41.5
    Customs Duties 2.7 5.9 10.6 10.5 8.1 8.7 9.8 9.7 10.7 12.5 16.5 18.3 24.0
    Other Taxes 3.3 5.4 5.3 14.7 21.8 17.2 20.9 28.7 35.4 43.6 46.4 60.2 69.6
  Non-Tax and Capital Revenues 18.8 19.4 9.2 22.2 17.0 11.1 15.5 12.7 14.1 21.5 41.6 41.2 58.0
  Grants 19.2 9.7 14.1 16.1 15.1 8.5 9.3 17.0 50.5 13.7 11.6 15.2 24.5

Table 2.5. Public Debt
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
External Debt (mln USD) 682.5 775.3 870.3 859.5 905.5 1,025.5 1,097.7 1,182.9 1,099.2 1,205.6 1,448.9 1,577.1 2,966.7 3,299.0
Debt of Government 503.3 546.8 632.9 651.0 684.3 793.1 872.2 957.0 916.4 1,036.9 1,277.1 1,420.8 2,465.9 2,736.4
   Credits Multilateral 296.9 349.2 438.0 471.7 510.5 606.3 744.0 845.6 803.3 905.8 1,036.6 1,100.0 1,563.0 1,736.9
   Credits Bilateral 206.4 197.6 194.9 179.3 173.8 186.8 128.2 111.4 113.1 131.1 240.5 320.8 902.9 999.5
Debt of Central Bank 137.1 191.9 201.2 175.5 172.5 194.8 214.6 217.6 176.4 163.7 167.1 151.9 500.8 562.6
Credits Guaranteed by Gov&CB 42.1 36.6 29.7 19.1 27.9 19.4 7.3 5.2 3.1 1.0 - - - -
Special Credit Programs - - 6.5 13.9 20.9 18.1 3.5 3.0 3.3 4.1 4.7 4.4 - -
Domestic Debt (bln AMD) 23.2 20.2 23.2 29.8 36.4 40.8 43.1 46.4 51.3 70.7 75.4 100.9 149.6 180.3
Domestic Debt Yield (weighted average, %) 53.8 46.6 52.5 23.5 20.0 16.4 13.7 9.0 7.3 7.1 7.0 8.4 10.9 11.9
Domestic Debt Maturity Period (weighted average, day) 141 87 107 152 210 263 353 753 1,100 1,348 1,258 1,535 1,391 1,352

Table 2.5.1. Treasury Bills and Bonds Market Indicators (bln AMD)
  1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Securities Issue 22.2 42.3 44.4 64.9 47.2 45.2 41.9 44.2 43.9 46.8 37.0 39.5 87.1
Securities Demand 24.6 65.7 72.6 87.4 103.0 106.8 82.0 98.4 109.5 107.3 67.5 81.4 na
Securities Allocation 19.3 37.2 36.6 57.6 44.8 45.9 41.9 43.3 43.9 45.1 32.3 39.3 65.0
Securities Proceeds (Allocation - Discount) 17.2 29.9 29.7 47.8 40.7 41.9 38.2 40.3 44.0 45.7 32.5 40.0 63.9
Securities Redemption 8.7 23.2 31.6 46.8 39.0 35.9 34.3 38.0 38.4 39.3 25.4 30.8 38.6
State Budget Deficit Financing by Securities 8.5 6.7 -1.9 1.0 1.8 6.0 3.9 2.3 5.6 6.4 7.1 9.2 25.3
Securities Yield (weighted average, %) 39.9 53.1 45.5 52.3 24.5 20.9 15.7 13.5 7.3 5.1 6.4 6.8 8.4

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