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In 2021, in the world economy and the economy of the RA main partner countries recovery tendencies were noticed: the RA Minister of Finance Tigran Khachatryan at the joint sitting of the Standing Committees of the RA National Assembly during the discussions of the annual report on Budget Execution of the RA State Budget for 2021 on May 31.

“After the pandemic and Artsakh war in 2021 the economy turned into recovery phase, registering 5.7 percent GDP real growth. The economic growth was conditioned mainly by the growth of the services. The industry and the construction have also grown, promoting the economic growth.” The Minister of Finance noted.

According to Tigran Khachatryan, the consumption growth was 3.7%, the export has grown by 16.5%, and the import – by 10.9%.

During the reporting year the economic growth forecast were reviewed several times, and in fact, 5.7% percent was recorded. During the whole year, inflation high background has been. The average inflation has been 7.2 percent: This is also the factor, which is noticed during this year. “The inflation has been noticeable in the world both during the previous year and during this year,” the Minister added.

The job market has recorded positive developments, compared with the year 2020 average salary growth has been noticeable in the state and private sectors. In particular, the average salary has been higher by 7.6% in 2021,

The deficit of the state budget towards the GDP has been 4.6 percent decreasing by 0.8 percent point decreasing compared with the previous year, the Government debt has been 60.3 percent towards the GDP, decreasing by 3.2 percent from the factual result of the previous year.

The tax revenues have been 1 trillion 690bln AMD, the expenditures – 2 trillion 49bln AMD. 359.1 bln AMD deficit has been recorded.

“The expenditure performance has been 97.8%, according to the adjusted plan we have had deficit financing programme of 359bln AMD, the financing or the deficit in the expense of the involved means has been factual - 320bln AMD,” Tigran Khchatryan said.

By the end of the year 2021, the state debt has been 4 trillion 430bln AMD, which is equivalent to 3bln 6 million USD, its prevailing part is the Government debt, and 220bln AMD – the Central Bank. At the end of the year the Government debt has been 4 trillion 210bln AMD, where the external debt has been 2 trillion 972bln and the internal debt has been 1 trillion 237bln AMD.

The Minister of Finance also answered to the questions of the deputies of the NA Civil Contract Faction.