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Minister of Finance of the Artsakh (Nagorno Karabakh) Republic Spartak Tevosyan presented the annual budget implementation report of the Artsakh Republic to the deputies, heads of standing committees and fractions at the country’s National Assembly.

As the minister presented, the gross domestic product (GDP) of the NKR amounted to 230 billion AMD in 2016, registering 9,2% increase to compare with the data of 2015. According to the presented data, the industrial production volume rose by 9,7% compared to 2015, amounting to 59 billion AMD.

In the minister’s words, the volume of the produced electricity equaled to the volume of the electricity consumption in 2016. Thus, in the past year 296,4 billion kilowatt-hours electricity was produced, while 299 billion kilowatt-hours consumed.

The average monthly salary in Artsakh rose by 1.1 % in 2016, totaling to 152, 707 (around 320 USD).

The expenditure of the state budget for was set at AMD 84 670 billion AM, while the deficit - at 3,692bln AMD.

Artsakh Prime Minister Arayik Harutyunyan provided clarifications over the budget implementation, saying the Artsakh economy didn’t occur in a force majeure situation despite the April war consequences. Among successes of the 2016 the prime minister pointed out to the economic diversification and the recorded increase in the sphere of energy production.