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“We operate in conditions of high uncertainty and often have to make decisions required by the situation, which the Government does with great success. In other words, we try to respond to current issues and find solutions required in the given situation in order to keep the economic activity sufficiently high,” the RA Minister of Finance Tigran Khachatryan noted during the debate of the report on the implementation process of the first half of the state budget for 2022.

The debate was held at the sitting of the RA NA Standing Committee on Financial-Credit and Budgetary Affairs chaired by Gevorg Papoyan on September 5. Atom Janjughazyan, the Chairman of the Audit Chamber of Armenia, representatives from the Central Bank and the State Revenue Committee took part in it.

According to Tigran Khachatryan, as of June 30, 2022, the price of molybdenum was 65.8% higher compared to the same date last year, amounting to $45.892. In the first half of 2022, international copper prices increased by 7.3%, amounting to $9.753 for per ton. The international food price index was 154, which was 54% higher than the same period last year, affecting the inflation rate.

Presenting the indicators of economic activity, it was noted that during 6 months, 38.7% activity was recorded in the field of financial and insurance activities, 27.2% in the field of information and communication. Economic activity in the field of accommodation and public catering organizations increased by 29% and in the field of transport services by 43.2%. According to the Minister of Finance, we also had an increase in industry, which was mainly due to the 15.1% economic activity of the manufacturing industry. The indicators of economic activity in the field of agriculture decreased by 8.8%, and in the field of animal husbandry by 3%. 27.2% increase was recorded in construction, and 15.4% increase in trade. 11% GDP growth was recorded.

Referring to the consumer prices, Tigran Khachatryan noted that 12-month inflation was 10.3%. According to him, taking into account the results of July, a reduced consumer price index was recorded.

The Minister of Finance stated that a higher than planned increase in tax revenues was recorded: according to the results of 6 months, a nominal increase of 17-18% was registered.

As of June 30, 2022, the RA state debt was 4 trillion 55 billion AMD (9 billion 932 million U.S. dollar).

The Deputy Chairman of the State Revenue Committee (SRC) Artyom Smbatyan presented to the Committee the summary of January-August, according to which, 1 trillion 232 billion AMD of tax revenue was collected by the SRC in the mentioned months. It is 250 billion AMD or 25.2% more compared to the same period last year. According to him, the rate of tax collection is not inferior to the rate of GDP macroeconomic indicators.

The Minister of Finance Tigran Khachatryan, the Deputy Governor of the Central Bank Nerses Yeritsyan, the SRC Deputy Chairman Artyom Smbatyan presented clarifications on the problem of increasing expenses in parallel with the increase in income, the impact of import and export growth on the exchange rate, they referred to the rate of economic growth, inflation, tax-GDP ratio.
the deputy Mikayel Tumasyan presented his observations and proposals in order to ensure a smoother process of work execution. The Minister of Finance Tigran Khachatryan proposed to organize working debates, inventory the problems and try to resolve the issues that have risen.