Armenian government expects 7% economic growth in 2024 - Finance Ministry

YEREVAN, September 28. /ARKA/. Armenian government expects 7% growth in 2024, Finance Minister Vahe Hovhannisyan said at a government session on Thursday.

He said defense expenditures are to amount to AMD 595 billion, and AMD 311.6 billion are earmarked for the Ministry of Territorial Administration and Infrastructure.

The latter plans to repair 110 kilometers of national and 130 kilometers of regional roads. It also plans to start the construction of the most important sections of the interstate North-South highway stretching from the border with Georgia to the Iranian border.

Armenia’s draft budget for 2024 calls for 2 trillion 566 billion drams in revenue, which is 15.4% more than initially planned for 2023, the Ministry of Finance revealed today.

The spending is set at 3 trillion 17 billion drams, which is 15.9% more than the current year's figures.

The draft budget sets capital expenditures at 695 billion drams, 22% more than in 2023.

Armenian government’s growth projection for 2023 is 7%; the inflation is expected to be 4% (±1.5%). Armenia's economic activity in the first 7 months of 2023 upped 10.4% year-on-year.

Fitch predicted for the Armenian economy 6.1% growth in 2023, Moody's forecast is 7%, and that of S&P is 7.5%.

The World Bank estimates that Armenia's GDP growth will be 4.4% this year, the EDB expects it to grow by 7.5%, the EBRD’s growth forecast is 6.5% and that of IMF is 5.5% -0-