Press Conference of the Minister of Finance of the Republic of Artsakh took place

Developments of the macroeconomic indicators for 2019, in particular the 10.4% economic growth recorded in the nine months, as well as the 9.8% economic activity according to the annual results allow to expect higher economic growth rate for the last year than it is envisaged in the mid-term expenditure plan for 2019-2021.

Press Conference of the Minister of Finance of the Republic of Artsakh took place

Press Conference of the Minister of Finance of the Republic of Artsakh took place
STEPANAKERT, JANUARY 29, ARTSAKHPRESS:  As “ Artsakhpress” reports, the Minister of Finance of the Republic of Artsakh Artur Harutyunyan said this at a press conference on January 29, adding that it is expected that the gross domestic product of 2019 will make more than 341 billion drams, which will provide about 9.1% economic growth.
Higher value-added in material production served as basis for such expectations.  The volume of industrial production will make about 164 billion drams, increasing by 32% in real terms compared with the previous year.
The volume of construction will make about 61 billion drams, ensuring growth of about 16,5%. The volume of agricultural production will make about 77 billion drams, increasing by 3% compared to the previous year,” said Harutyunyan.
According to the Minister of Finance, the average inflation in 2019 made 0.7 %.
According to preliminary data, the state budget revenues of 2019 amounted to 60 billion 141.6 million drams, ensuring 100.8% of the program index or 461 million drams more than the planned index.
In 2019 tax revenues and duties to the Artsakh Republic state budget amounted to 59 billion 231.8 million drams, exceeding the planned 58 billion 794.7 million drams by 0.7% or 437.1 million drams. As compared to the previous year, tax revenues and state duties to state budget increased by 10.7.% or 5 billion 709.3 million drams, of which 308.9 billion drams is linked with the increase of tax revenues paid by ''Base Metals'', and 5 billion 400 million drams were provided by the economic growth recorded in the Artsakh Republic and as a result of consistent administration of the tax service.
According to him, the budgetary credit from the Republic of Armenia amounted to 57 billion 847 million drams against 51 billion 428.2 million in 2018.
Harutyunyan said that the actual expenditures of the state budget for 2019 amounted to 113 billion 330.8 million drams, providing 97.3% of the planned program against 97.1% of 2018.
“During the execution of the state budget, we managed to fund salaries, pensions, allowances and other social expenditures, as well as all the programs of education, culture, health and economy sectors,” he concluded.