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The capital expenditures for 2024 will be about 710 billion AMD. They will exceed by 30 percent the capital expenditures set by the state budget for 2023. As a result, the capital expenditures for 2024 will be 6.8% of the gross domestic product (GDP) growing by 0.9 percent against 2023. The RA Deputy Minister of Finance Arman Poghosyan said this at the sitting of the Standing Committee on Economic Affairs on November 10. The rapporteur presented summarized the draft law on State Budget of the Republic of Armenia for 2024.

“About 41.3% of the capital expenditures for 2024 will be addressed to the defense sphere,” the Deputy Minister underlined. `According to him, in the coming year the expenditures of the defense sphere will be 555 billion AMD, which will exceed by 7 percent the sum of the expenditures to the sphere by the state budget for 2023.

Arman Poghosyan also referred to the expenditures on the social security sphere: “In 2024, the expenditures of the social sphere will be about 755 billion AMD. It will exceed by about 16 percent the volume of the expenditures allocated to the same sphere in the current year.

The rapporteur also presented the money directed to the spheres of education and health care. In 2024, the expenditures of the education sphere will be about 289 billion AMD, exceeding by 39 percent the relevant indicator of 2023. The expenditures of the health care sphere will be about 171 billion AMD. It will exceed by 14 percent the indicator of the expenditures allocated to the sphere by the current year budget.

It was noted that the state budget planned expenditures for 2024 will be 3 trillion 17 billion AMD.

Arman Poghosyan answered the deputies’ questions, particularly touching upon taxes/GDP correlation in the coming year.