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Whereas the service sector was the main engine of Armenia’s economic growth in 2021, in 2022, the engine might be construction and industry. This is what Minister of Finance of Armenia Tigran Khachatryan said during today’s discussion on the draft of the 2022 State Budget held in parliament.

Based on the current assessments of the government, the economic growth forecast in 2021 is in the range of 6.5-7%, which is a target rating that lies at the core of the 2022 State Budget. The minister also stated that the inflation backdrop is rather high this year.

“Next year we expect to see the return of the inflation environment to the admissible limits. In addition, in 2022, Armenia will see the full return to fiscal rules. The current expenditures won’t be more than tax entries, and capital expenditures will not be at least less than the amount of the deficit of the state budget,” Khachatryan said.

The minister said it is envisaged that the capital expenditures in the 2022 State Budget will comprise 4.5% GDP.

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