News - Armenia 2024 state budget draft: Economic growth target indicator to remain at 7% next year

The target indicator of economic growth in Armenia will remain at the level of 7 percent in 2024, just as in 2023. This is noted in the draft of the country's 2024 state budget, which has been submitted to the parliament for approval during its current regular four-day session. The amount of state budget revenues in 2024 is expected to total 2,676 trillion drams. And the expenditures are planned at the level of 1.108 trillion drams. The national debt of the Armenian government to the GDP will increase by 1.4 percentage points to 48.4 percent next year. A deficit of 3.2 percent of the expenditures is set in the draft. However, the inclusion of assistance programs for Armenians forcibly displaced from Nagorno-Karabakh will increase the budget expenditures by 144 billion drams, which, in turn, will lead to a 4.6 percent deficit. Tax revenues to the state budget of Armenia in 2024 are planned in the amount of 2.566 trillion drams, which should lead to a high, 0.75-percent ratio of taxes to the GDP. And as an objective of tax administration, the government plans to improve this indicator by 0.5 percent every year.