The Ministry of Finance today reported 408.9 billion AMD in budgetary revenues and 377.7 billion in expenditures for Armenia in the first five months of 2013.

The 31.2 billion surplus was in marked contrast to the 2.2 billion deficit that had been predicted for the 1st half of the year.

Revenues increased by 19.6% over the same period last year. The increase was mostly due to a rise in taxes collected.

State expenditures also rose 8.5% (29.7 billion AMD) compared to the same period in 2012.