Investor Presentaiton
Armenia
INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL
BUDGET EXPENDITURES
EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL
Source: MOF, Geostat, forecasts as of 2022 budget law
Source: MOF, forecasts as of 2022 budget law
25,000
50%
100%
80.0% 81.7%
76.0%
78.1% 80.0%
72.5% 73.4%
74.2% 73.1% 72.2%
75.2% 76.0%
71.9%
34.9%
20,000
15,000
33.1%
40%
80%
32.3%
29.4%
29.4%
27.6%
28.4% 28.6%
29.4%
29.4%
31.5%
28.2% 27.7%
30%
60%
10,000
20%
40%
27.5% 26.6%
24.0%
25.8% 26.9% 27.8%
28.1%
20.0% 18.3%
21.9% 20.0%
24.8% 24.0%
5,000
10%
20%
о
0%
0%
Expenditures (current + capital), GEL mn
Expenditures (current + capital) as % of GDP
GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP
Source: IMF, MOF
Georgia
Lithuania
Current expenditures
25%
10%
2019 2020E 2021F
2019 2020E ■2021F
7.9%
19.4%
20%
17.4%
17.6%
8%
16.5%
6.5%
15.7%
14.6%
14.8%
15%
6%
4.9%
10.7%
4.4%
4.6%
10%
8.0%
3.4%
3.7%
4%
2.9%
3.0%
5%
2%
0%
0%
GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP
Capital expenditures and net lending
2021F
Source: IMF, MOF
2022F
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