Budget revenue execution in 2024 reaches 95.8%

PanARMENIAN.Net - Armenia fulfilled 95.8% of its planned state budget revenues in 2024, and 93.9% of its expenditures, according to Minister of Finance Vahe Hovhannisyan. He presented these figures during a session of the National Assembly's Standing Committee on Financial-Credit and Budgetary Affairs.

"Budget revenues were executed at 95.8%, including 92.7% of tax revenues and state duties, while expenditures reached 93.9%. This expenditure figure is 16% higher than in 2023, and revenue is up by 9.3%," Hovhannisyan said, as reported by Armenpress.

According to him, Armenia's public debt at the end of 2024 stood at 5 trillion drams (approximately $12.8 billion), reflecting a 6.2% increase compared to the previous year.

"However, the positive news is that the debt-to-GDP ratio remained below 50%, at 48.3%, which is 0.1 percentage point lower than in 2023," he noted.

Hovhannisyan also highlighted changes in the tax-to-GDP ratio, stating that it stood at 23.6% in 2024—a decrease of 0.45 percentage points compared to the previous year. Nonetheless, he emphasized that the figure has shown improvement over the past seven years, rising from 20.8% to 23.6%.