May 20, Artsakh Republic Finance Minister Artur Harutyunyan presented to the NA Standing Committees and factions the 2018 State Budget Implementation Statement at the sitting of the NA Standing Committee on –Budget, Financial and Economic Management.

National Assembly President Ashot Ghoulyan and State Minister Grigory Martirosyan participated in the committee sitting.

Aram Grigoryan, the Chair of the NA Head Committee clarified the budget performance discussion and adoption procedures, after which presentation of the budget performance took place

Presenting the macroeconomic indicators of the previous year, Minister of Finance Artur Harutyunyan said that the Gross Domestic Product (GDP) amounted to 310.3 billion Drams, providing 11.9% economic growth and 12.1% economic activity.

According to the Minister, the high growth rate of GDP is conditioned by the increase in the value added of the mining industry, in particular the mining sector, which ensured about 5.1% of the economic growth. "A positive dynamics has also been documented in terms of sectoral diversification, in particular, 2% of economic growth was ensured at the expense of other sectors of the industry, compared to  1.6% of the previous year"the Minister underlined.

Per capita GDP amounted to 2 million 103.3 thousand drams instead of the previous year, 1 million 855.9 thousand drams.

Then Artur Harutyunyan presented the indicators recorded in the main areas of material production.

Industrial production volume, 125 billion, an increase of 29.3% compared with the year 2017,

Construction volume amounted to 52.5 billion drams, ensuring 11.5% growth,

Agricultural production volume of 74.1 billion,

Average monthly nominal salary - 161,181 thousand drams, growth - by 3,7% in 2017,

Foreign trade turnover volume - $ 555.1 million, increasing by 24.9% against 2017,

Goods import volume of 353 million US dollars, an increase of 22.6%,

Export volume - $ 202.1 million, growth - 29%

Inflation - 1.8%

2018 state budget revenues amounted to AMD 53 bln 813.1 mln. The actual revenues amounted to 54 bln 282.1 mln drams. Programmed indicator was executed by 100.9%.

"The actual expenditure of the Republic of Artsakh state budget for 2018 has made 104 billion 450.7 million drams, ensuring 97.2% of the planned index. The 2018 state budget has been spent without accumulating current debts”, noted the Minister of Finance.

After presenting the main expenditure directions for the 2018 budget Arthur Harutyunyan answered the questions of the MPs.

Summing up the sitting, Aram Grigoryan, Chairman of the NA Standing Committee on Budget, Financial and Economic Management, noted that the sectoral discussions on budget execution will start in the Standing Committees starting May 21.