YEREVAN. – The 2012 Armenian state budget’s revenues will constitute 910 billion Armenian drams (approx. $2.46 billion US), expenditures will comprise 1.04 trillion drams (approx. $2.81 billion), and deficit will total 132 billion drams (approx. $350 million).

The Government of Armenia on Wednesday publicized the preliminary draft state budget for 2012. In comparison with past year’s approved budget, the revenues have increased by approximately 60 billion drams ($162,480,051) and expenditures, by 40 billion drams ($108,320,034). As a result, the budget deficit is cut by 16 billion drams ($43,328,013).      

The 2012 draft budget envisions a substantial increase in income tax and social insurance payment plans, and instead official grant expectancy has reduced significantly. So, the 2012 budget foresees income tax revenue of 732 billion drams ($1,982,256,625), a social insurance payment of 142 billion drams ($384,536,121), and a formal grant of 14.8 billion drams ($40,078,412).