YEREVAN, JUNE 9, NOYAN TAPAN. The National Assembly of the RA on June 9 approved the annual report on implementation of the 2008 state budget with 87 votes for and 3 votes against. Heritage faction's members present at the sitting voted against. By the report, the revenues of the 2008 state budget amounted to 785.4bn drams, expenditures - 810.6bn drams, and the deficit of the budget made 25.2bn drams. The revenues and official transfers made 97.7% of the specified programmed index or 21.5% of GDP, while the expenditures made 94.2% or 22.2% of GDP. The underfulfilment was mainly conditioned by the insufficient receiving of envisaged funds from foreign sources. The deficit made up 0.7% of GDP instead of the programmed 2.1%. In 2008, under conditions of the global financial and economic crisis, 6.8% growth was recorded in the Armenian economy, which was lower by 3.2% than the programmed index. The target amount of tax revenues (including duties) of 621.1bn drams or 17% of GDP was ensured. The programmed level of inflation - 4+/-1.5% was maintained, with inflation being 5.2% at the end of the reporting period. As a result, in 2008 GDP amounted to 3,650bn drams in market prices, while GDP per capita made 1 million 128 thousand 600 drams or 3,689 USD.

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