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The Minister of Finance of  the Republic of Artsakh Presented the Draft Law of the State Budget for 2019 in the National Assembly

On November 22 the minister of finance of the Republic of Artsakh Artur Harutyunyan presented the Draft Law "On 2019 State Budget of the Republic of Artsakh" in  enlarged sitting of the Parliamentary committee on Budget, Financial and Economic Management. At first the minister touched upon the economic situation of this year in country and presented some macroeconomic projections.” 12,2% economic growth fixed for the first nine months of this year give an opportunity to expect greater temps of economic growth for the 2018 than it was planned in 2018 draft law. According to the projections in 2018 gross domestic product (GDP) will be 302.5 milliard drams, ensuring 9% economic growth. Deflator will make 2%.The increase of added value cost in mining and energy industry became the basis for predicting such temps of growth which according to the expectations will  ensure 4,4 and 1,4 % economic growth. 3,2% economic growth will be insured by other productive industries”-said Artur Harutyunyan. According to the minister the 2018 industrial output will make about 119 milliard drams which will be more by 22 % than it was last year, building volume will make 54 milliard drams, ensuring 1% growth, farming industry volume will make more than 72 milliard drams, descending by 0.8 % in comparison with the last year indices, the main reasons of which were bad climatic conditions for agriculture. In 2019 gross domestic product is predicted to be 333.2 milliard drams, ensuring 8% real growth in condition of 2% deflator. Inflation will make about 4%. Presenting basic indices of the draft law of the Republic of Artsakh "On State Budget of 2019 of the Republic of Artsakh", the minister noted that when drawing up the budget for the next year they were guided by the program provisions of the President of the Republic for 2017-2020, which are directed to the strong economic growth, development of priority sectors of economy and improvement of business sphere.
 “State budget revenues for the coming year will amount to 112 milliard 340.9 million drams, and expenditures - 110 milliard  987.7 million drams. The budgeted surplus (profits) will make 1 milliard 353.3 million drams, which will be spent on redemption of previously borrowed funds. Proper incomes of the state budget are planned  to be 54,7 million drams or 3,2% including tax revenues and duties which will make 54,2 milliard drams or by 2,8% more than in last year, as a result of which the predictable coefficient “Taxes/GDP” will be 16,4%”-said Artur Harutyunyan.

  
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