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

Macroeconomic indicators developments of 2018, in particular, 12.2% economic growth according to the results of nine months, and 11.7% economic activity index based on 11 months, allow us to expect a higher rate of economic growth for 2019 than was envisaged in 2018-2020 medium-term expenditure program.

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 25, ARTSAKHPRESS: As “ Artsakhpress” reports, the Minister of Finance of the Republic of Artsakh Artur Harutyunyan said this at a press conference on January 25, adding that it is expected that the gross domestic product of 2018 will make more than 300 billion drams, which will provide about 11% economic growth.
Higher value-added in mining industry and energy sectors served as basis for such expectations, which will provide 4.4 and 1.4 percentage points of economic growth. About 5.2 percentage points of economic growth will be provided at the expense of other branches of the material production.
The volume of industrial production will make about 119 billion drams, increasing by 22% in real terms compared with the previous year. The volume of construction will make about 54 billion drams, ensuring growth of about 1%. The volume of agricultural production will make about 75 billion drams, having dropped by 0.8% compared to the previous year,”said Harutyunyan.
According to the Minister of Finance, the average inflation in 2018 made 1.8%.
According to preliminary data, the state budget revenues of 2018 amounted to 54 billion 292 million drams, ensuring 100.9% of the program index or 479 million drams more than the planned index.
In 2018 tax revenues and duties to the Artsakh Republic state budget amounted to 53 billion 532 million drams, exceeding the planned 53 billion 172 million drams by 0.7% or 360 million drams. As compared to the previous year, tax revenues and state duties to state budget increased by 34.6% or 13 billion 743 million drams, of which 10 billion 62 million drams is linked with the increase of tax revenues paid by ''Base Metals'', and 3 billion 681 million drams were provided by the economic growth recorded in the Artsakh Republic and as a result of consistent administration of the tax service.
The interstate loan made 51 billion 428.2 million drams as compared to last year’s 47 billion 437.5 million drams
A. Harutyunyan also noted that in 2018, the actual expenditures of the state budget amounted to 104 billion 296.6 million drams, ensuring 97.1% of the planned program, as compared to 96.4% of 2017.
“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.
Due to the increase in copper prices and mining industry productivity in the international market, in October 2018 the Artsakh National Assembly adopted a draft law on making amendments and additions to the law "On the 2018 State Budget of the Republic of Artsakh", according to which the state budget revenues have been increased by AMD 8 billion.
5 billion drams have been spent on increasing expenditures for capital constructions in the regions of Artsakh, allocation of funds for the installation of drip systems due to the increase of irrigated areas, as well as assistance to local producers and for the construction and renovation of a number of priority facilities and 3 billion drams to reduce the state budget deficit in 2018,”concluded Harutyunyan.
During the press conference, the Minister of Finance of the Republic of Artsakh answered the journalists’questions.