EDB: Armenia's economic growth rate likely to continue decelerating this year

|

USD

391.83

EUR

425.02

RUB

4.665

GEL

141.07

Economy

30.10.2023, 11:13

Armenia's economic growth rate is likely to continue decelerating until the end of the current year, the Eurasian Development Bank (EDB) said in its weekly macroeconomic review.

EDB: Armenia's economic growth rate likely to continue decelerating this year

YEREVAN, October 30. /ARKA/. Armenia's economic growth rate is likely to continue decelerating until the end of the current year, the Eurasian Development Bank (EDB) said in its weekly macroeconomic review.

Economic activity in Armenia increased by 9.7% y/y in January-September after 10.4% y/y growth in January-August.

"The slowdown was due to weaker momentum in the services sector (+4.6% y/y after +13.8% y/y) and a decline in industry (-4.3% y/y) in September after strong performance of these sectors in the same period last year and the gradual adjustment of demand," the EDB said.

Armenian government’s growth projection for 2023 is 7%; the inflation is expected to be 4% (±1.5%). The Central Bank's growth forecast is 6.9%, with 12-month inflation expected to be slightly below the 4% target.

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 5%. -0-

Deputy Minister of Economy reveals reason behind decline in trade with European Union

Armenian Deputy Economy Minister Narek Hovakimyan revealed the main reason behind the decline in the trade turnover with the EU in 2024.

24.03.2025 17:48

Armenia's 2025 budget introduces mechanism for carrying over unrealized capital expenditures to next year - Finance Ministry

For the first time, a mechanism for carrying over unrealized commitments on contractual capital expenditures to the next budget year has been introduced in Armenia's 2025 state budget, Finance Minister Vahe Hovhannisyan said.

24.03.2025 16:35

EDB predicts completion of refinancing rate reduction cycle in Armenia

The Eurasian Development Bank (EDB) expects that the cycle of reducing the refinancing rate in Armenia has concluded, following the stabilization of inflation within the target range set by the Central Bank of Armenia (3±1%).

24.03.2025 10:48

Armenia's withdrawal from EEU at the stage of negotiations on joining the EU will cost 30-40% of its GDP – Shoigu

Armenia will lose many privileges if it joins the European Union, as it will have to withdraw from the Eurasian Economic Union (EEU), Secretary of the Russian Security Council Sergei Shoigu told reporters.

20.03.2025 19:54

Armenia and Russia discuss expansion of trade and economic cooperation

Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

20.03.2025 17:01

Armenia's economy may show growth of around 6% in 2025 - Central Bank Board member

Surveys conducted by the Central Bank of Armenia among participants in the real sector indicate that economic growth is expected to stabilize at around 5% in the long term, with expectations for the current year slightly below 6%, said Levon Sahakyan, a member of the Central Bank Board.

20.03.2025 14:44

Armenian parliamentary committee approves double taxation agreement with Hong Kong

The Parliamentary Committee on Economic Affairs gave a positive conclusion regarding the ratification of the agreement on the elimination of double taxation of income between Armenia and Hong Kong during a meeting on Wednesday.

19.03.2025 13:00

Armenia is ready to deepen trade and economic relations with EU in all areas – Minister

Armenia is ready to continue and deepen its trade and economic relations with the EU in all possible areas, said Economy Minister Gevorg Papoyan on March 18 during a meeting with Meglena Kuneva, a lecturer at the Diplomatic Academy of the European External Action Service, former chief negotiator and EU commissioner, and former Deputy Prime Minister of Bulgaria.

19.03.2025 09:49