YEREVAN. – There is a stable inflation climate in Armenia and the 12-month inflation is 0.5 percent as of May, Finance Minister Vache Gabrielyan stated during Thursday’s Cabinet session.   

He recalled that the economic activity is 7.2 percent as of May, which includes a 15.3-percent industrial growth. 

Export is at 117.8 percent, as compared with the year past, and import is at 108.7 percent.

As per Gabrielyan, the State Budget’s tax revenues made up AMD 322.8 billion, within the first five months of this year, and more than AMD 5 billion were collected in May alone, as compared with May 2011.   

The State Budget expenditures are AMD 343 billion, and the deficit is close to AMD 9.5 billion. Also, the Budget received additional non-tax revenues totaling AMD 3 billion.  

The Finance Minister explained, however, that the underperformance of the expenditures has seasonal causes. “[But] The revenues are fulfilled completely,” added Vache Gabrielyan.   

To note, in line with the current exchange rate, US$ 1 is equivalent to approximately AMD 413.