Armenian Prime Minister Tigran Sargsyan presented the 2013 draft budget, noting macroeconomic stability as a priority. “We currently plan to ensure 6,2% economic growth in 2013 instead of this year’s 7%,” Prime Minster Sargsyan said, conditioning the decision by cuts in global growth forecasts.

He stressed the need to pursue cautious macroeconomic policy, in the view of the possible risks in 2013.

“The 2013 draft budget focuses on three principles: ensuring economic competitiveness, development of human capital and effective institutions. This will enable Armenia to retain high economic growth, continue diversification policy, boost the business and investment climate, as well as implement serious changes in the social policy,” PM Sargsyan said.

Armenia’s 2013 draft budget envisages 4±1,5% inflation rate, with the deficit to total AMD 124 billion. The consolidated budget revenues are planned to be set at AMD 1 trillion 59 billion, with the expenditures to be set at AMD 1 trillion 183 billion.