Government budget revenues grew by 7.2% in January-February 2017 due to a 9.7% hike in tax revenue, Armenian finance minister Vardan Aramyan told reporters on Wednesday, March 22.

The indicator of economic activity, according to preliminary data, surged by 6.2% in the first two months of 2017 against the same period last year.

According to Aramyan, an increase in tax revenue has been registered due to growing GDP, excise duty and environmental fees, which were up by 12.2%, 14.5% and 2.7 times, respectively.

On the other hand, budget expenditures rose by just 1.6% in January-February, resulting in an AMD 0.6 billion (apx. $1,24 million) surplus, he said.

Four sectors secured economic growth in the reporting period - industry, agricultural production, trade and service sector.