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Armenia and US strengthen economic and energy cooperation: Strategic partnership roadmap
... countries will also initiate a joint dialogue to facilitate greater access for trusted companies operating in Armenia to U.S.-controlled export technologies. Recognizing the importance of trade diversification to address food security and stimulate economic growth, Armenia and the United States will explore opportunities for cooperation that strengthen the trade environment for agricultural products. Given Armenia's landlocked status and the challenges associated with limited access to global trade markets, Armenia ...
01/15/2025Construction sector in Armenia up 14.9% in 11 months to AMD 567bn
... over 567 billion drams (in current prices), according to the National Statistical Committee. YEREVAN, 14 January. /ARKA/. Armenia's construction sector in January-November 2024 grew by about %15% year-on-year to over 567 billion drams (in current prices),... ... construction- by population,, 45.3% increase. Some 43 billion drams worth construction was financed through international loans, a 59.6% growth. Over 5 billion drams worth construction was financed by World Bank loans, ,over 6 billion drams worth construction by ...
01/14/2025Electricity generation in Armenia in January-November increased by 5.9% to 8.4 billion kWh
... January-November 2024, which is 5.9% more than in the same period of 2023, according to the National Statistical Committee. The largest share of electricity was generated by the thermal power plants- over 3.1 billion kWh, a decline of 5.4%. The share of the Armenian NPP was about 2.5 billion kWh, 4.5% growth, and the share of HPPs was about 1.9 billion kWh, 20.9% growth. Heliostations produced 913.8 million kWh of electricity during the reporting period (up 31.8%), while wind farms produced 1.1 million kWh (down 40.7%). Electricity production volumes ...
01/14/2025Ameriabank Raises $200 Million from IFC, Marking the Largest Transaction by IFC ever with a Financial Institution in Armenia
... financing, is a strategic partner in advancing these goals. By providing long-term funding, we aim to demonstrate the viability of climate finance products and inspire replication and scaling across Armenia’s financial sector.” As the largest lender to Armenia’s economy, Ameriabank boasts a total gross loan portfolio of AMD 1,1 trillion, including an SME gross portfolio of AMD 252 billion as of September 2024. The latter reflects an impressive 25% growth from the previous year and a three-year CAGR of 21.6%. Over the past three years, the number of SME clients has increased by 45%, now representing a 25% share of the market. Since 2009, the bank has financed energy efficiency and renewable energy ...
01/14/2025Nominal wage in Armenia increased by 6.6% to 280.2 thousand drams in January-September 2024 – Ministry of Finance
... meeting of the parliamentary commission on financial, credit, and budgetary issues on Monday. The Finance Minister also noted that the number of employed individuals increased by 5% in the first nine months of last year, totaling 752,288 people. This growth was driven by an increase in employees in the trade, education, and construction sectors. According to the previously published report by the Ministry of Economy of Armenia, "Armenia: Economic Prospects. January-September 2024," the three highest-paying sectors in Armenia in September 2024 were information and communication (835,840 drams), financial and insurance activities (809,417 drams), and mining ...
01/13/2025Armenian finance minister highlights key drivers of economic growth in 2024
The 8.7% growth in economic activity in Armenia in January-September 2024 is attributed to growth in the sectors of essential services, trade, and industry, said Finance Minister Vahe Hovhannisyan. YEREVAN, January 13. /ARKA/. The 8.7% growth in economic activity in Armenia in January-September ...
01/13/2025Armenia's export and import growth in 9 months of 2024 driven by increase in gold re-exports – Finance Ministry
... imports during the reporting period, the minister noted that the growth exceeded 54%. However, if we exclude re-exports, the decline was 5.2%. World Bank analysts had noted in August that gold and jewelry re-exports were the primary drivers of export growth in Armenia. According to the National Statistical Committee, Armenia's foreign and mutual trade turnover from January to September 2024, compared to the same period in 2023, increased by 73.5%, reaching $23.7 billion. Exports, compared to the first nine ...
01/13/2025UN predicts Armenia's economic growth at 5.2% in 2025 and 4.7% in 2026
... forecast is between 4.7% and 7%, and the 2027 forecast is between 5% and 6.2%. The EDB forecasts Armenia's GDP growth at 6% in 2024 and 5.5% in 2025. The World Bank expects Armenia's economy to grow by 5.5% in 2024 and 5% in 2025. The IMF forecasts 6% growth in Armenia's economy in 2024 and 4.9% in 2025. The EBRD expects economic growth of 6.2% in 2024 and 4.8% in 2025. The ADB forecasts 5.7% growth in 2024 and 6% in 2025. According to Fitch Ratings, Armenia's economic growth will be 6% in 2024 and 4.9% in 2025....
01/13/2025Armenia's foreign trade turnover reaches $28.2 billion, growth slows
... trade turnover in January-October 2024 increased by 54% compared to the same period in 2023, amounting to $28,179,559.6 thousand, according to data published on the website of the National Statistical Committee of Armenia. It is worth noting that the growth of Armenia's foreign trade turnover for the first 10 months of 2024 was 67.6%, for 9 months it was 73.5%, for 8 months it was 79.6%, for 7 months it was 95%, and for the first half of the year, the figure doubled. In November 2024, the turnover amounted ...
01/13/2025Inflation of 1.5% registered in Armenia in December, 1% for the month
... decreased by 1.8% compared to December 2023, but increased by 0.3% compared to November 2024. Furthermore, tariffs for services to the population increased by 2.5% year-on-year in December 2024, with no inflation recorded compared to the previous month. Armenia's economic growth in the 2024 state budget is projected at 7%. The Central Bank of Armenia expects economic growth in 2024 to range between 6.5% and 5.8%.
01/10/2025UAE company plans to set up oil refinery in Armenia
... Armenia Fund. ‘ The investor is interested in establishing an oil products processing plant on the border between Armenia and Iran ’ she said in a report by Public Television of Armenia. The mission of the Investment Promotion Centre of Enterprise Armenia Fund is to create a favourable business environment for foreign and domestic investors to attract new investment and facilitate reinvestment to ensure sustainable economic growth. -0-
01/07/2025Armenia ranks among top 10 largest trade partners of Russia
... The leading countries are China (33.8%) and India (8.8%), followed by Italy (1.5%) and Uzbekistan (1.4%). Russia has long been Armenia's most important trading partner. According to the Armenian Statistics Committee, trade turnover between Russia and Armenia amounted to over USD 10.8 billion in the first 10 months of 2024, representing a growth of 91.4% compared to January-October 2023. -0-
01/07/2025EDB names reason behind Armenia's economic slowdown in November
... 2025 ranging from 7.1% to 4.8%, for 2026 from 4.7% to 7%, and for 2027 between 5% and 6.2%. The EDB forecasts Armenia's GDP growth at 6% for 2024 and 5.5% for 2025. The World Bank (WB) expects 5.5% growth in 2024 and 5% in 2025. The IMF predicts 6% growth for Armenia in 2024 and 4.9% in 2025. The European Bank for Reconstruction and Development (EBRD) forecasts 6.2% growth in 2024 and 4.8% in 2025. The Asian Development Bank (ADB) anticipates 5.7% growth in 2024 and 6% in 2025. According to Fitch Ratings, ...
12/30/2024Dilijan to be transformed into a major tourist hub
... representatives of other relevant bodies; and investors. It was previously reported that the World Bank plans to provide $100 million to Armenia for the creation of tourism clusters in communities such as Areni, Jermuk, Goris, Dvin, Gyumri, Aparan, Yeghegis, Sevan,... ... the viability of the territories and communities involved in the clusters, increase tourism attractiveness, and stimulate the growth of additional income and local economies for the communities.
12/26/2024Armenia short of 200 billion drams in tax revenues in 2024 - Finance Ministry head
... of 200 billion drams in tax revenues. YEREVAN, December 25. /ARKA/. During a press conference on the results of 2024, Armenian Finance Minister Vahe Hovhannisyan stated that the inability to implement capital expenditures was due to a shortfall ... ... expenses to avoid additional problems," he said. The minister added that the level of tax collection is in line with economic growth indicators. He explained that some projects were funded from the Reserve Fund. "We had, if I am not mistaken, 130 ...
12/25/2024Ardshinbank Finances the Construction of an Innovative Greenhouse Facility
... 25. /ARKA/. A new greenhouse complex has been launched with the financing of Ardshinbank and the subsidy of the Government of Armenia. The opening of the first phase of the Nouveau Village project took place on December 23 in the village of Nor Geghi, ... ... owned by the company and is equipped with the most modern automated systems that provide the microclimate necessary for plant growth. The project fully complies with the international GLOBAL G.A.P. system, which ensures safety standards for agricultural ...
12/25/2024Armenia's economic activity growth slowed to 7.4% in first 11 months of 2024
... sector (excluding trade) reached 3,026,624.6 million drams during the reporting period, a 6.3% increase compared to the same period in 2023. In November, growth was 10.4% year-on-year and 0.5% month-on-month. Economic Outlook and Forecasts: Economic growth in Armenia for 2024 is forecast at 7% in the state budget, and 5.1% in the budget for 2025. According to the Central Bank's monetary policy report for the fourth quarter of 2024, Armenia's GDP growth is expected to be 6% by the end of the year. Forecasts ...
12/25/2024Armenian banking system profit in 2024 to exceed 300 billion drams
... exceed 300 billion drams, said Martin Galstyan, Chairman of the Central Bank of Armenia. YEREVAN, December 24. /ARKA/. The profit of Armenia's banking system in 2024 will exceed 300 billion drams, said Martin Galstyan, Chairman of the Central Bank of Armenia. "The year 2024 can be characterized as one of growth and sustained overall development. If we look at the indicators of the financial and banking system, it becomes clear that the year has been quite successful and profitable. Specifically, we are talking about a return on equity (ROE) of 18% for ...
12/24/2024Armenia's October exports (excluding precious and semi-precious stones) rise by just 9.1% - WB
... YEREVAN, December 23. /ARKA/. Excluding precious and semi-precious stones, Armenia's total exports increased by 9.1% year-on-year in October, according to the World Bank's “Armenia Monthly Economic Update – December 2024”. "Exports in Armenia rose by 23.1% year-on-year in October, while imports increased by 6.6%. Export growth slowed from 39% in September and continued to be driven by re-exports of precious and semi-precious stones and metals," the study states. WB analysts note that all major export categories showed year-on-year growth in October, except for machinery ...
12/23/2024Air transportation between Armenia and Russia increased by 12% in 2024 - Mher Grigoryan
... this year, more than 2.4 million passengers and more than 28 thousand tons of cargo were transported by air between Armenia and Russia, which is 12% more than the cargo transportation for the same period in 2023,” he said at a meeting of the Russian-Armenian intergovernmental commission on economic cooperation, Russian news agency Tass reported. Grigoryan also noted the growth in the field of rail transportation. According to him, over the 10 months of 2024, the number of passengers transported by rail increased by 7% compared to the same period last year, amounting to more than 480 thousand people
12/20/2024World Bank names main factor for slowdown in Armenia's economic activity growth in October
Economic activity growth in Armenia slowed to 4.2% (year-on-year) in October from 7% in September, led by the services sector (excluding trade), which slowed from 11.6% (year-on-year) in September to 5.2% in October, mainly due to slowdown in hotel services, according to World Bank's ...
12/20/2024Unibank named best bank for high-net-worth individuals in the CIS
... incentive for the further development of Unibank Privé. We are grateful for the recognition of many years of effort invested in the growth of private banking. Unibank Privé is not just premium service and personalized investment solutions; it is the embodiment ... ... year, the bank was honored with the Euromoney Global Private Banking Award in the category of Best Domestic Private Bank in Armenia. The trust of clients further affirms the evaluations from the professional community. In 2024, assets under Unibank Privé ...
12/19/2024IMF outlines measures to boost Armenia's economic resilience and growth
... report, stated that the country's economy has the potential for annual growth of up to 5.5% over the next five years, until 2028, provided that structural reforms are implemented and opportunities for labor force integration are realized. He noted that Armenia's economic growth is returning to normal levels as temporary factors, such as the influx of labor from Russia and India and the integration of refugees from Nagorno-Karabakh into the labor market, begin to weaken. “This could affect potential growth for the next ...
12/18/2024IMF: Armenia's 2025 budget well-balanced
... associated with state-owned entities, public-private partnerships, and government guarantees," he said. In the state budget of Armenia approved on December 4, the state budget revenues amount to 2.84 trillion drams, and expenditures total 3.4 trillion drams ... ... drams are current expenditures, and 734 billion drams are capital expenditures). The deficit is 604 billion drams. Economic growth is projected at 5.1%, with average inflation at 3.5%. The government debt-to-GDP ratio is forecasted at 54.3%. ($1 = 394....
12/18/2024Eastern Horoscope for 2025: Year of the Snake – A Time for Change
... avoid rushing to make decisions. If necessary, adjust your tactics, maneuver, and be strategic to get closer to your goal. Year of the Goat Birth years — 1955, 1967, 1979, 1991, 2003, 2015 The Green Wooden Snake will open up opportunities for career growth and development. Even if you have been waiting for this moment, avoid rushing things or discussing your plans with colleagues. Be patient, refrain from impulsive actions, and view everything from a practical perspective. In challenging situations,...
12/18/2024IMF forecasts economic growth slowdown in Armenia
... Central Bank's monetary policy report for Q4 of this year, GDP growth is expected to reach 6% by the end of 2024. The forecast for 2025 ranges from 4.8% to 7.1%, with projections for 2026 at 4.7%-7% and for 2027 at 5%-6.2%. The EDB forecasts 6% GDP growth for Armenia in 2024 and 5.5% in 2025. The World Bank anticipates 5.5% growth in 2024 and 5% in 2025. The IMF forecasts a 6% growth rate for Armenia in 2024, with a slowdown to 4.9% in 2025. The EBRD expects growth of 6.2% in 2024 and 4.8% in 2025. The ADB ...
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
... and we are confident that it will contribute to the progress of the technology community in Armenia. OVIO is ready to support the organisations operating in Dalan Technopark with its advanced technological solutions, contributing to their sustainable growth and development,’ said OVIO CEO Hayk Faramazyan. OVIO's data centre is the largest in Armenia and is built to high standards of TIER III equipment and infrastructure reliability. The centre is powered by two independent power substations, a redundant cooling system and 24/7 uninterrupted service. It is this robust infrastructure that will ...
12/17/2024Converse Bank Deputy CEO and CFO, Grant Akopian, Elected to BACEE Board
... navigating the current complex macroeconomic environment, enhancing correspondent banking relationships, and driving regional growth for the organization." The BACEE is a non-profit association that works to facilitate the stability and sustainable ... ... transfer of financial know-how, products, and solutions to regional banks. Converse Bank is a rapidly growing universal bank in Armenia, serving individuals, businesses, and institutions with a comprehensive range of financial products and services. Its ...
12/17/2024Armenia faces financial trilemma – State Revenue Committee Head
...?" he asked. According to him, countries that manage to find a balance between these three factors will succeed. The 2025 budget made an attempt to find the optimal balance. About the State Budget for 2025 On December 4, the National Assembly of Armenia approved the updated draft of the state budget for 2025. According to the adopted draft, economic growth is expected to reach 5.1% in 2025 (down from the initial 5.6%, prior to amendments). The planned average inflation rate is 3.5%. State budget revenues are projected at approximately 2.84 trillion drams, which is 35.5 billion drams lower than the ...
12/17/2024Armenia's trade turnover with EEU countries in January-October exceeded $11bn. - Ministry of Economy
... The Deputy Minister added that negotiations are underway with the UAE to conclude an agreement on economic cooperation with the EEU, and negotiations with Mongolia are at the stage of completion. According to the Armenian National Statistical Service, Armenia's foreign trade turnover in January-October 2024 compared to the same period of 2023 increased by 67.6% and exceeded $26.2 billion. The largest foreign trade partners were Russia (more than $10.8 billion, 91.4% growth), UAE (more than $4.9 billion, 5.6 times growth) and China (more than $2.3 billion, 35.5% growth).-0-
12/16/2024Converse Bank has been included in the list of Confirming Banks of the EBRD TFP
... signed on 14th November 2024. “Confirming Bank status is highly significant for us in terms of stimulating trade financing in Armenia and the entire region”, noted Converse Bank’s Chief Financial Officer, Deputy CEO Grant Akopian. Mr. Akopian added: ... ... businesses engaged in cross-border trade. This partnership not only highlights Converse Bank's commitment to supporting the growth of businesses but also underscores its dedication to promoting economic prosperity of the market”. It was also noted ...
12/16/2024EDB expects Armenia's refinancing rate cut cycle to end in H1 2025
... target range (3% +/- 1%). "The Central Bank of Armenia reduced the refinancing rate by 0.25 percentage points to 7.0% at its meeting on December 10. The decision was made amid slowing wage growth and lower inflation expectations. Consumer price growth was 1.4% y/y in November, compared to 0.6% y/y in October," the EDB weekly macro review states. Armenia’s state budget for 2025 , approved on December 4, sets the 12-month inflation target at 3% with an acceptable range of ±1 percentage point. The Central Bank decided to lower the target, which had been set at 4% (±1.5 percentage points) since ...
12/16/2024EDB excludes risk of “overheating” in Armenian economy from construction and lending (EXCLUSIVE)
... “overheating” to occur, including excess consumer demand, inflation, and an increase in the debt burden on households. However, there are no such risks at the moment," he said. The head of the bank's analytics department noted that economic growth in Armenia reached 6% from January to September 2024. At the same time, the construction sector contributed 1 percentage point to this growth (approximately the same as in 2023), while total investment in fixed capital (including construction) accounted ...
12/12/2024Converse Bank and IFC join forces to support the growth of SMEs in Armenia
... enabling Converse Bank to expand its lending capabilities to SMEs. Converse Bank is among first financial institutions in Armenia to partner with IFC in implementing this innovative risk-sharing instrument. Smaller businesses are key drivers of economic growth, innovation, and employment in Armenia, with micro, small, and medium enterprises (MSMEs) accounting for the majority of jobs. But they face a $1.1 billion finance gap because of challenges including limited collateral and relatively weak financial position. “We are launching a ...
12/11/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... will be built upon the capital markets infrastructure. This will broaden the financing sources for local companies and help attract investment from both local and international investors, contributing to a more resilient and flexible private sector in Armenia, which will foster economic growth.-0- .
12/11/2024Armenia's economy to grow 6% in 2024, Central Bank head
... growth, around 5%. "We will see solid growth in 2025," Galstyan concluded. Figures and Forecasts for the Armenian Economy Armenia's economic growth is projected at 7% in the 2024 state budget, and 5.1% in the 2025 budget. The EDB forecasts Armenia's GDP growth at 6% in 2024 and 5.5% in 2025. The World Bank expects it to grow by 5.5% in 2024 and 5% in 2025. The IMF forecasts a 6% growth in 2024, with 4.9% growth in 2025. The EBRD predicts economic growth at 6.2% in 2024 and 4.8% in 2025. The ADB forecasts ...
12/10/2024Head of developers' association expects no drop in Armenia's real estate prices
... Given that production costs remain high, the final price for the consumer will also not change," Grigoryan said. The "Macroeconomic Development Review: October 2024" by the Ministry of Finance of Armenia states that real estate prices in Armenia continued to rise in September, but the growth slowed compared to August. The average market price growth for apartments in multi-apartment buildings in Yerevan ranged from 0.4% to 1.2% compared to August, depending on the administrative district, and ranged from 5.6% to 9.8% compared to September ...
12/10/2024Armenia's domestic trade turnover nears 5 trillion drams, up 18.8%
... to the same period in 2023, according to the National Statistical Committee of the Republic. YEREVAN, December 9. /ARKA/. Armenia's domestic trade turnover in January-October this year totaled 4,990,023.3 million drams (at current prices), marking ... ... In the structure of retail trade, shops account for 83.6% of total retail turnover, amounting to 1,263,911.7 million drams (a growth of 10.8%), consumer goods markets (3.6%) totaled 53,703.3 million drams (a 2.5% increase), kiosks (1.2%) reached 18,227....
12/09/2024Construction volume in Armenia up 15.5% to 484.5 billion drams in 10 months
... according to the National Statistical Committee of the Republic. YEREVAN, December 9. /ARKA/. The volume of construction work in Armenia from January to October 2024 totaled 484,545.9 million drams (at current prices), marking a 15.5% increase compared to ... ... funds – 3,745.2 million drams (0.8% share, decline of 5.4%), by organizations' funds – 236,735.5 million drams (48.9% share, growth of 3.9%), and by the population's funds – 112,336.7 million drams (23.2% share, growth of 58.8%). At the same time, the ...
12/09/2024Converse Bank has become an official signatory of the UN Principles for Responsible Banking
... emphasized: "We take great pride in announcing that we are the first in the region to join the UNEP FI Principles for Responsible Banking. In all our endeavors, we have remained steadfast in our commitment to the principles of sustainable business growth, continually refining and expanding the range of our services. We have always focused on creating and fostering long-term value for our employees, customers, shareholders, and the broader community, achieving shared prosperity for current and future ...
12/09/2024EDB forecasts 1.8% inflation and further refinancing rate cut in 2024
The Eurasian Development Bank (EDB) forecasts a 1.8% year-on-year price growth in Armenia by the end of the current year. YEREVAN, December 9. /ARKA/. The Eurasian Development Bank (EDB) forecasts a 1.8% year-on-year price growth in Armenia by the end of the current year. "Inflation continues to remain below the target range ...
12/09/2024Armenian industrial output in 10 months increases by 11.7%, up to AMD 2.4 trillion
... compared to the same period of 2023, data released by the National Statistical Committee shows. YEREVAN, 6 December. /ARKA/. Armenia's industrial output in January-October 2024 totalled about 2.4 trillion drams, (in current prices), increasing by 11.7% ... ... upped by 17% ti 1.7 billion drams. Supplies of electricity, gas, steam and purified air amounted to over 278.5 billion drams (growth by 12.4%), and water supply, sewerage, waste management and recycling – to 26.5 billion drams (growth by 5.5%). The biggest ...
12/06/2024Armenia's foreign trade for 10 months totalled $26.2bn, growth continues to slow down
... and France ($129.7m, down 2.1%). Trade turnover with the UAE was $4. 9bn, up 5.6 times, with China -$2. 3bn, 35.5% growth, with Iran -$593.1m, 4.7% growth, with USA -$356.7m, 40.1% decrease, with Georgia -$273.8m, 27% growth, with Iraq -$189.4m, 26.2% growth. Armenian exports rose 95.1% to $11.5bn, with exports to Russia totalling over $2.6bn, down 13.6%. The volume of exports to the EU countries in January-October this year decreased by 22.3% compared to January-October 2023, making $500.4 million. The volume ...
12/06/2024EDB investments in 2024 total $2.3B, with $436M in Armenia, Kyrgyzstan, and Tajikistan
... the year's results. "The total investment volume for the year reached $2.3 billion. The current investment portfolio in Armenia, Kyrgyzstan, and Tajikistan amounted to $436 million, an increase of 1.5 times compared to 2023. Net profit for the first ... ... development and integration projects have been implemented. The accumulated investment portfolio totals $15.6 billion (with a growth of about 5.8% in 2024)," Podguzov said. He reported that the current investment portfolio of the EDB totals $4.3 billion,...
12/06/2024Armenia records slower growth in real estate prices in September – Finance Ministry
... YEREVAN, December 6. /ARKA/. Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August. This is mentioned in the “Review of Macroeconomic Developments: October 2024” by the Ministry of Finance of Armenia. It is noted that the growth in average market prices for apartments in multi-apartment buildings in Yerevan compared to August ranged from 0.4% to 1.2%, depending on the administrative district, and compared to September of last year, it ranged from 5.6% to 9.8%. "The ...
12/06/2024EDB analysts see no risks in Armenia's public debt level
... developing economies, said Marina Sobolevskaya, head of the EDB Country Analysis Center, during the presentation of the bank's macroeconomic forecast for 2025-2027. "The issue of public debt is quite sensitive. But the pace of development of the Armenian economy is quite high and continues to grow. Domestic demand will also grow, which will continue to translate into growth in budget revenues. The growth in budget expenditures will be offset, including through borrowing," Sobolevskaya said. In turn, EDB Chief Economist Yevgeny Vinokurov noted that it is necessary to take into account not only the absolute value ...
12/05/2024Armenia's unemployment drops 9.3%, hired workers rise 5.6% in September - Ministry of Finance
The number of officially registered unemployed in Armenia decreased by 9.3% in September, while the number of hired workers increased by 5.6% to 776,814, mainly due to the growth in the number of workers in the construction, trade, and education sectors. YEREVAN, December 5. /ARKA/. The number of officially registered unemployed in Armenia decreased by 9.3% in September, while the number of hired workers increased ...
12/05/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
... from 6.5% to 5.8%. The draft state budget for 2025 forecasts economic growth at 5.6%. The EDB forecasts Armenia's GDP growth at 6% in 2024 and 5.5% in 2025. The WB expects Armenia's economy to grow by 5.5% in 2024 and 5% in 2025. The IMF predicts a 6% growth in Armenia's economy in 2024 and 4.9% in 2025. The EBRD anticipates economic growth in Armenia of 6.2% in 2024 and 4.8% in 2025. The ADB projects 5.7% growth for 2024 and 6% for 2025. According to Fitch Ratings, Armenia's economy will grow by 6% in 2024 ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... consumption grew by 7.4% y/y, and investment in fixed assets increased by 13.6% y/y, serving as the main drivers of the economy during the same period (GDP growth was 6.0% y/y in January-September 2024). Figures and Forecasts for the Armenian Economy Economic growth in Armenia is projected at 7% in the state budget for 2024. The Central Bank of Armenia expects the country’s economic growth in 2024 to range between 6.5% and 5.8%. The Armenian government has revised its economic growth forecast in the draft state budget ...
12/05/2024Armenian Finance Minister assesses risks to 2025 budget
... instructed to reduce maintenance costs by 4%. This can be achieved by cutting the number of official vehicles, travel expenses, bonuses, utility payments, and other costs. About the Draft State Budget for 2025 On December 4, 2024, the National Assembly of Armenia approved the updated draft state budget for 2025, which projects a GDP growth of 5.1% for the coming year. The planned average inflation rate is 3.5%. State budget revenues are expected to reach approximately 2.84 trillion drams, while expenditures will total around 3.4 trillion drams. (Exchange rate: $1 = 402.72 drams)....
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