The on-budget expenditures target will be exceeded this year, Armenian Prime Minister Tigran Sargsyan said at discussions of the 2011 draft budget in the Armenian Parliament.

“The budget revenue targets have already been exceeded by AMD 40 billion. Tax revenues show the economic growth exceeded expectations. The 2010 GDP growth is most likely to reach 2% instead of forecasted 1.2%,” Sargsyan said.

However, Finance Minister Tigarn Davtyan stressed that GDP growth will reach 3.4% by the 2010 end. However, the International Monetary Fund (IMF) forecasts 4% economic growth for this year.