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Seda Hergnyan

EBRD: Armenia’s GDP to Grow 5% in 2023, 2024

According to the new forecasts of the European Bank for Reconstruction and Development (EBRD), Armenia’s GDP will grow by 5% in 2023 and 2024.

The EBRD’s Regional Economic Prospects report has the following to say about Armenia.

The country's conomic growth reached 14.2% in 2022.

The manufacturing sector recorded growth of 7.8% and services increased by 28.2%, with construction and trade growth in double digits. The services sector benefited from the exceptional increase in non-resident demand, especially for information, communication and tourism-related services.

At the same time, the net inflow of money transfers nearly doubled in 2022 due to an almost seven-fold increase in transfers from Russian citizens who found a refuge in Armenia, including many of Armenian origin.

As a result, economic growth in the first three months of 2023 stood at 12.2 per cent year-on-year, but signs of a slowdown are emerging.

Annual inflation subsided to 5.4 per cent in March 2023 reflecting monetary tightening and exchange rate appreciation during 2022.

GDP growth of 5.0 per cent is expected in both 2023 and 2024, subject to major geopolitical downside risks.  

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