Capital expenses to raise by 55% – PM Pashinyan

The draft budget for 2022 in Armenia envisages a 55% increase in capital expenditures, which will amount to 347 billion drams, Armenian Prime Minister Nikol Pashinyan said at today’s cabinet meeting when presenting the draft state budget

“Today we present the first budget of the government’s five-year program, which is called to lay a solid foundation for the implementation of the five-year program. We anticipate 7% economic growth for 2022, despite the fact that most of the current year was marked by an unstable political and security environment, our economy today exceeds all growth forecasts for 2021. On the other hand, the government has more hope for the results of the year,” Pashinyan said.

He said in September 2021, an absolute record of the number of paid jobs was registered in Armenia, 651, 141. There has never been a higher rate in Armenia. This year’s figure is 3% higher than last year’s.

While the rather high inflation of 6.4% this year, he said that in September, the gross salary increased by 15.3% as compared to September of the previous year, and the salary of one employee increased by 11.9%.

Exports increased significantly by more than 20%, not only from mineral resources, but also from exports of finished products and agricultural products. The volume of construction has increased by 7% this year, the growth of services as of September was more than 5%.

“These factors make the 7% economic growth target realistic, especially since they have already been launched. I hope several large investment projects will be successfully completed, the primary target of which is a strong metallurgy chain with the longest possible metal processing chain from Armenia,” he said.