Armenia announces increase in public debt

By Trend

The deficit of Armenia's state budget increased to 5.4 percent of GDP in 2020, Chairman of the Armenian Central Bank Martyn Galstyan stated, Trend reports referring to the Armenian media.

At the same time, the ratio of public debt to GDP increased by 13.5 percent and amounted to 63.5 percent, exceeding the 60-percent threshold established by fiscal rules, the chairman said.

According to Galstyan, tax revenues to the state budget of Armenia in 2020 decreased by about 5.4 percent compared to 2019.

"In 2020, the expenditures of Armenia’s state budget rose by 16.3 percent compared to 2019," Galstyan said.

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