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Economy

Based on the results of the first half of 2019, the GDP increased by 9.6% compared to the same period of the previous year

At the Government session held on September 18, Artur Harutyunyan, the Minister of Finance of the Republic of Artsakh, presented the draft decision of the Government of the Artsakh Republic on approving the 2020-2022 state mid-term expenditure program.

Based on the results of the first half of 2019, the GDP increased by 9.6% compared to the same period of the previous year

Based on the results of the first half of 2019, the GDP increased by 9.6% compared to the same period of the previous year

STEPANAKERT, SEPTEMBER 18,  ARTSAKHPRESSAs “Artsakhpress” reports, Harutyunyan said in his speech that the med-term expenditure program serves as a basis for  developing the draft state budget and is one of the key components of the budget process.

The minister noted that according to the results of the first half of the current year, the real gross domestic product has increased by 9.6% as compared to the same period of the previous year.

  "According to our forecasts, the gross domestic product of 2019 will amount to 338.8 billion drams, as a result of which we will have 8.1% economic growth under the conditions of 1% deflator. The  economic policy conducted by the government and developments of the previous years and the first half of 2019 have provided the basis for forecasting economic growth rates in the near future.

8% real GDP growth per year is projected for the medium term, as a result of which the GDP is forecast to be 373.2 billion in 2020, 411.1 billion in 2021 and 454.9 billion in 2022. In the medium-term for the main areas of production, we expect the following indicators: 8.5-9% real growth in industrial production volume, 6.5-7% growth in construction volume, and 10.5-11% growth in agricultural production volume,” added Harutyunyan.

According to the minister, own incomes of  the state budgets of 2020-2022  are forecast as follows: 52 billion 680 million for 2020, 58 billion 700 million for 2021 and 65 billion 700 million for 2022. Against 2019, 2020 own incomes will decrease by 9.9% or about 5 billion drams, and in 2021 and 2022 they will grow by 11.4% and 11.9%, respectively.

The decrease of  own incomes is conditioned by the lower taxes paid by “Base Metals” CJSC, the main reasons are the company's future investments, as well as the tendency ofdecline in copper priceon the global market.


     

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