The residential mortgage interest rate in Armenia will remain at 7 percent in 2024, as stated in the government’s approved 2024 state budget by the National Assembly.

In the upcoming year, the share of state budget revenues is expected to reach 2,676 billion drams, while projected total expenditures are estimated at 1,108 billion drams.

Armenia’s government debt is projected to increase by 1.4 percentage points, resulting in a total of 48.4 percent of GDP in 2024.

There will be a reduction of 3.2 percentage points in defense spending. However, the implementation of programs aimed at supporting the resettlement of refugees from Artsakh will lead to an increase in spending by 144 billion drams, resulting in a 4.6 percent deficit.

For 2024, tax revenues in Armenia are projected to reach 2,566 billion drams, covering 0.75 percent of the government’s tax revenue target. The government aims to increase this indicator by 0.5 percent annually as a tax administration goal.

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