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During 9 months the growth of the economic activeness in Armenia was 14.1%, and the GDP growth is 12.6%: the RA Minister of Finance Tigran Khachatryan at December 15 extraordinary sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs, presenting the certificate on the execution of 9-yearstate budget for 2022.

The Minister also touched upon the macro-economic developments, noting that during the first quarters of the current year there were gradually decreasing economic activeness indices in the economies, which are traditionally considered as main trade partners of the economy of the Republic of Armenia. Tigran Khachatryan mentioned the factors, which affected on the economic developments of Armenia.

In particular, besides other factors, the international trade with the economy of Russia, the tourists’ statistics, the considerable growth of only monetary transactions from Russia.

“If we compare the 9-month indices of 2022 with the 9-month indices of the previous year, then we notice abrupt growth in the costs of the goods export, the number of the tourists who arrived in Armenia and net monetary transfers to the economy of Armenia,” the Minister said, adding that they are more underlined especially from the viewpoint of economic relations with Russia.

“During the last months, especially beginning from the 6^th month, in June, July and August the economic activeness had higher costs. And it continues until today. With the influence of all this we expect that the annual economic activeness and the economic growth will record rather high costs,” the Minister said.

During 9 months, the real growth of industry has been 10%, the real growth of industry has been 10%, in case of services it was 27.1%, the agriculture has grown 0.5%.” The construction is another sphere, where the indices of the growth have had considerable big influence on the indices of the general economic growth,” Tigran Khachatryan added.

During the past 9 months 8.6% average inflation has been recorded. It has been noted that within the framework of the inflation management policy the Central Bank has pursued policy of high percent rates during the whole year, during the 9 months increasing the re-financing percentage rate in the amount of 2.25%, and recently also by 0.25% those percentage rates have increased, making 10.75%.

In January-September – the export has increased by 63.8%, the import – by 61.9%.

During the Q&A session the Committee Chair Gevorg Papoyan emphasized not concentrating on the absolute value, but the recorded value indices.” If we don’t build the school, the road, our potential will not increase. To increase the potential, we must continuously make more investments in the spheres of health care, education and on the infrastructure,” the Committee Chair expressed such opinion.

Gevorg Papoyan tried also to find out the recruitment of the State Revenue Committee (SRC) being designed for next year and what new tools have been applied on administration.

The tax revenues of the next year were set 2 trillion 204 billion AMD. 0.6% increase of tax revenues was envisaged by the Government, which the SRC shall provide with the relevant administration, which is considered realistic: the RA SRC First Deputy Chairman Artyom Smbatyan informed about this.

He touched upon the efficiency of the thematic checking tool on administration. The risk criteria have been reviewed on complex tax checks. Improved system of risk criteria will be presented, according to which, change will be made from July of next year. As a result, in the viewpoint of risks more targeted organizations will be chosen for carrying out checks. Speaking about relevant toolset of improving the administration Artyom Smbatyan indicated the amendment being designed on banking secret accessibility, which will promote the increase of the administration quality.