Armenia’s State Budget Revenue More Than Doubled to $3.3 Billion Since 2018 Velvet Revolution

YEREVAN — Following the 2018 peaceful, non-violent Velvet Revolution, Armenia’s state budget revenues more than doubled by 2024—growing by 1.3 trillion drams, equivalent to over $3.3 billion at today’s exchange rate.

Prime Minister Nikol Pashinyan announced this during his presentation of the 2024 budget performance in the National Assembly.

“The 2018 Revolution gave new momentum to budget growth. Excluding all averaged figures, the revolution alone resulted in over 1.684 trillion drams—about $4.2 billion—in additional revenue to the state budget between 2018 and 2024,” he explained. He added that this amount exceeds the average annual budget revenue growth from the pre-revolution period of 2011–2017.

According to the Prime Minister, the post-revolution years have brought a total of $4.2 billion in additional budget revenue.

“This amount does not include state debt or the funds transferred to the state budget by the ‘Hayastan All-Armenian Fund’ in 2020. In other words, this is purely the revolution-driven increase in budget revenue,” Pashinyan emphasized. “I say this in response to the criticism that our government, which came to power through a revolution, forgot its promise to recover stolen funds. Well then—did this $4.2 billion fall from the sky, dear people?” the Prime Minister added.