Russia Significantly Reduces Budget Deficit, Armenia Nearly Zeroes It Out

According to the Eurasian Economic Commission (EEC), Armenia's budget revenues and expenditures amounted to approximately $1.3 billion (or 525.0 and 525.9 billion drams, respectively). In the first quarter of 2024, Russia significantly reduced its state budget deficit, while Armenia has nearly brought it to zero. This information was reported by the statistical service of the EEC.

EEC data indicates that Armenia's budget revenues and expenditures are around $1.3 billion. Typically, the country ends the year with a moderate budget deficit; in 2023, it was about $485 million (189 billion drams), representing about 2 percent of GDP. However, in the first quarter of 2023, a budget surplus of around $160 million (60 billion drams) was recorded due to under-execution of expenditures, particularly in the capital construction sector.

In the first quarter of 2024, there was also significant under-execution of expenditures, nearly 20 percent. Russia, a member of the EAEU, managed to reduce its budget deficit from $28.7 billion to $3.3 billion.