The Armenian Ministry of Finance announced this week that the nation's budget execution in the first five months of 2014 resulted in a primary surplus of approximately $45.5 million, falling short of earlier estimates of $48.7 million.
According to the ministry, a total of approximately $1.1 billion in various revenues were collected for the period of January to May, accounting for approximately 80 percent of all revenues projected for the first half, while spending totaled approximately $1.01 billion, or 73.6 percent of the planned spending for the period of January through June, ARKA reports.
Year-on-year, collected revenues were six percent, or $60 million, higher in 2014 as a result of improved income and other tax collection. A total of 94.1 percent of revenues collected came from taxes and state duties, while 5.8 percent was from other revenue and 0.1 percent from official grants.
Spending during the first five months of 2014 increased by 9.8 percent, or approximately $91.1. million, as a result of increased current expenditures, according to ARKA.
Armenia's government planned to have surplus funds of approximately $206.6 million generated by internal sources but, as a result of a higher budget execution rate, it had $109 million.
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