Рейтинг@Mail.ru
USD
396.76
EUR
411.8
RUB
4.0996
GEL
141.91
Saturday, February 8, 2025
weather in
Yerevan
+1

Armenia Leads EEU in GDP and industrial growth amid low inflation

14.08.2024, 14:01
Armenia is leading the Eurasian Economic Union (EEU) in both GDP and industrial production growth
Armenia Leads EEU in GDP and industrial growth amid low inflation

YEREVAN, August 14. /ARKA/. Armenia is leading the Eurasian Economic Union (EEU) in both GDP and industrial production growth, according to the recent Macroeconomic Review by the Eurasian Development Bank (EDB).

In the first half of 2024, Armenia's real GDP grew by 10.4% compared to the same period in 2023, surpassing Belarus (5%), Kazakhstan (3.3%), Kyrgyzstan (8.1%), Russia (4.7%), and Tajikistan (8.2%).

Armenia also recorded the highest growth in industrial production among EAEU countries, with an 18.2% increase in the first half of 2024 compared to the same period in the previous year. This outpaced Belarus (7.1%), Kazakhstan (2.8%), Kyrgyzstan (1%), Russia (4.4%), and Tajikistan (11.5%).

Armenia reported the lowest inflation rate within the EEU, registering just 0.8% in June 2024 compared to the same month in 2023. Inflation rates in other EEU countries were significantly higher, with Belarus at 5.8%, Kazakhstan at 8.4%, Kyrgyzstan at 4.5%, Russia at 8.6%, and Tajikistan at 3.5%.

Additionally, as of August 1, 2024, Armenia boasts the lowest refinancing rate among EEU members at 7.75%. In comparison, Belarus has a rate of 9.50%, Kazakhstan 14.25%, Kyrgyzstan 9.00%, Russia 18.00%, and Tajikistan 9.25%.

Armenia’s economic outlook remains strong. The state budget for 2024 projects an economic growth of 7%, while the Central Bank of Armenia (CBA) expects growth between 6.1% and 6.8%. The EDB forecasts a 7.5% GDP growth for Armenia in 2024, with a slight decrease to 4.2% in 2025.

Regarding inflation, the Armenian government has set a target of 4% (±1.5%) for 2024. The CBA anticipates inflation to be between 0.9% and 1.3% by the end of 2024, rising to 3.8-3.2% in 2025, and 3.7-4% in 2026. The EDB expects inflation to reach 1.5% by the end of this year.

On July 30, 2024, the CBA lowered the refinancing rate for the tenth consecutive time since June 2023, setting it at 7.75%. This was the fifth reduction in 2024 alone.

YEREVAN, August 14. /ARKA/. Armenia is leading the Eurasian Economic Union (EEU) in both GDP and industrial production growth, according to the recent Macroeconomic Review by the Eurasian Development Bank (EDB).

In the first half of 2024, Armenia's real GDP grew by 10.4% compared to the same period in 2023, surpassing Belarus (5%), Kazakhstan (3.3%), Kyrgyzstan (8.1%), Russia (4.7%), and Tajikistan (8.2%).

Armenia also recorded the highest growth in industrial production among EAEU countries, with an 18.2% increase in the first half of 2024 compared to the same period in the previous year. This outpaced Belarus (7.1%), Kazakhstan (2.8%), Kyrgyzstan (1%), Russia (4.4%), and Tajikistan (11.5%).

Armenia reported the lowest inflation rate within the EEU, registering just 0.8% in June 2024 compared to the same month in 2023. Inflation rates in other EEU countries were significantly higher, with Belarus at 5.8%, Kazakhstan at 8.4%, Kyrgyzstan at 4.5%, Russia at 8.6%, and Tajikistan at 3.5%.

Additionally, as of August 1, 2024, Armenia boasts the lowest refinancing rate among EEU members at 7.75%. In comparison, Belarus has a rate of 9.50%, Kazakhstan 14.25%, Kyrgyzstan 9.00%, Russia 18.00%, and Tajikistan 9.25%.

Armenia’s economic outlook remains strong. The state budget for 2024 projects an economic growth of 7%, while the Central Bank of Armenia (CBA) expects growth between 6.1% and 6.8%. The EDB forecasts a 7.5% GDP growth for Armenia in 2024, with a slight decrease to 4.2% in 2025.

Regarding inflation, the Armenian government has set a target of 4% (±1.5%) for 2024. The CBA anticipates inflation to be between 0.9% and 1.3% by the end of 2024, rising to 3.8-3.2% in 2025, and 3.7-4% in 2026. The EDB expects inflation to reach 1.5% by the end of this year.

On July 30, 2024, the CBA lowered the refinancing rate for the tenth consecutive time since June 2023, setting it at 7.75%. This was the fifth reduction in 2024 alone.