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In 2016, in order to mitigate the negative impacts coming from the outside world, Armenia’s Government implemented expansionary fiscal policy. As Armenia’s Minister of Finance Vardan Aramyan told the reporters during today’s press conference, in 2016 the state revenues estimated up to 1171.1 billion AMD increasing by 0.3% co compare with the previous year, Panorama.am reports.

The tax revenues totaled to 1079.7 billion AMD indicating 1.1% increase to compare with the previous year. The state expenditures amounted to 1449.1 billion AMD growing by 2.8%. Vardan Aramyan noted that the state budget deficit has grown amounting to 278 billion AMD or 5.5% of the GDP.

Turning to the tax collection, the minister noted that the taxes collected during January-February of this year have exceeded the target of the program and in comparison with the same period of the past year. A total of 15 billion AMD exceeded taxes have been collected.

“In order to reach the annual target of 1 trillion 135 billion AMD tax figure, it was intended to collect 77.6 billion taxes in January. The collected taxes exceeded the target by over 3 billion AMD, which indicates positive developments in the tax collection sector. The same tendency was observed in February, when we collected 83.6 billion instead of the planned 80 billion,” Vardan Aramyan said.

The finance minister said that exceeding rates are also observed in March, and in case such rates continue, the tax collection will again exceed the target.