Armenia’s economic growth in 5 months of 2023 driven by services - EDB

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Economy

03.07.2023, 10:35

The Armenian economy expanded by 12.5% in the first five months of 2023 driven by a surge of 19.9% in services sector, the Eurasian Development Bnk (EDB) says i its weekly macro review.

Armenia’s economic growth in 5 months of 2023 driven by services - EDB

YEREVAN, July 3. /ARKA/. The Armenian economy expanded by 12.5% in the first five months of 2023 driven by a surge of 19.9% in services sector, the Eurasian Development Bank (EDB) says i its weekly macro review.

The review also singles out growth rates acceleration in trade and construction sectors y/y and 16.7% y/y respectively.

‘Business activity remains strong against the backdrop of increased external demand, remittance inflows and tourism activity," according to the review.

The 12-month inflation in May 2023 was 1.3%, and compared to April 2023 the inflation was down 1.8%.

The EDB analysts also note that the Moody's rating agency has affirmed Armenia’s sovereign rating at Ba3 and improved the outlook from "negative" to "stable" amid strong economic indicators.

Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%). The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024.

The Asian Development bank said Armenia's economic growth will slow down to 6.5% in 2023 and to 5.5% in 2024 depending on domestic and external demand and the International Monetary Fund (IMF) said in its latest World Economic Outlook report for April 2023 that it expects Armenia's economy to grow by 5.5% in 2023.-0-

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