Armenia's economy to see near-record growth in 2022 – Kerobyan

YEREVAN, November 9. /ARKA/. Armenia's economy will see near-record 14% growth in 2022, with the IT sector making a huge contribution, Economy Minister Vahan Kerobyan said at the Silicon Mountains 2022 summit today.

According to him, the IT sector has the biggest contribution both directly, having soared by about 50% , and indirectly, as many talented specialists have arrived in Armenia from Russia due to the regional crisis, who have made their contribution not only to the development of the sector, but also to related sectors," he said.

Kerobyan stressed, however, that this does not mean absence of problems in the sector. He recalled that due to the appreciation of the Armenian dram many IT companies have found themselves in a difficult situation.

"Companies have run out of 'oxygen' and I am happy that the government has found a way to provide it to them (10 billion dram assistance). This will enable companies in these turbulent times to reorganize properly," he said. 

"Some time ago, we set a goal to make Yerevan a technological hub, where talented and innovative people can be engaged. Today, the strongest competition between cities is for these very people, and it is obvious that by making Yerevan convenient for them, we will be able to make the city competitive in the world," he said.

Armenia's GDP grew by 14.8% year-on-year in the third quarter of the current year, according to the National Statistical Committee (NSC).

In current prices, the country's third quarter GDP amounted to about 2.4 trillion drams, while per capita GDP in current prices amounted to 802,116 drams, or $1,963 and 1,949 euros.

The Central Bank of Armenia revised earlier its growth forecast to 12.9% and inflation to 10%.

Minister of Finance Tigran Khachatryan stated earlier that the GDP in 2022 in USD may exceed $19 bln, and GDP per capita - $6,500, by $1,800 higher than the previous year.-0-