Armenia's economy set to post 7% growth in 2023 – economist

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Economy

29.11.2023, 10:34

Armenia's economy is set to post a 7% growth in 2023, economist Aghasi Tavadyan said in an interview with 1in.am.

Armenia's economy set to post 7% growth in 2023 – economist

YEREVAN, November 29. /ARKA/. Armenia's economy is set to post a 7% growth in 2023, economist Aghasi Tavadyan said in an interview with 1in.am.

According to official statistics, Armenia's GDP in the third quarter of 2023 registered a 7.4% growth compared to the same period of 2022. The growth was 12.1% in the first quarter of this year and 9.1% in the second quarter.

"In 2022, there was a large inflow of capital and labor force from Russia to Armenia, and a significant portion were IT specialists. Armenian exports, including re-exports, to the Russian Federation also grew. It was this wave of non-residents that gave a push to the Armenian growth, ensuring a 12.8% GDP growth in 2022. But now this wave is fading, and the indicators are gradually declining," he explained.

According to the economist, the GDP growth this year is to be contributed also by an increase in remittances from Russia.

Cross-border individual remittances sent to Armenia via bamks from abroad amounted to $4.3 billion in January-September 2023 against $3.5 billion in 9 months of 2022.

The remittances from the Russian Federation amounted to $3 billion against $2.3 billion in the same period last year.

Armenian government’s growth projection for 2023 is 7%. The inflation forecast is 4% (±1.5%). According to the Central Bank's September forecast, Armenia's economy will grow by 7.2% and the 12-month inflation will be around 0%. -0-

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