EDB expects 5.7% GDP growth in Armenia in 2024

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Economy

05.02.2024, 10:29

The Eurasian Development Bank (EDB) expects Armenia's GDP to grow by 5.7% in 2024 and to slow down to 5.3% in 2025. the Kazakhstan-based bank said in its latest macro review.

EDB expects 5.7% GDP growth in Armenia in 2024

YEREVAN, February 5. /ARKA/. The Eurasian Development Bank (EDB) expects Armenia's GDP to grow by 5.7% in 2024 and to slow down to 5.3% in 2025. the Kazakhstan-based bank said in its latest macro review.

"Economic activity in Armenia grew by 9.4%in 2023. In January - December last year, the growth was mainly driven by the services and trade (+10% and +25.7% respectively). Industrial output (+4.1%) entered the positive zone in the fourth quarter due to increased production of jewelry in November - December, which also supported exports (+55% in 2023, and growth of 2.4 times YoY in December)," the EDB review said.

Armenia's government's growth forecast for this year is 7%. The Central Bank's forecast is 6.1% growth.

The WB expects Armenia's economy to grow by 4.7% in 2024 and 4.5% in 2025. IMF forecasts 5% growth. According to Fitch Ratings' forecast, Armenia's economy will grow by 6% in 2024 and 4.9% in 2025. -0-

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