Exports from Armenia to Russia increased by 187% in 2022 when compared to 2021, with reexports from third countries amounting to more than half.

Armenian Minister of Finance Vahe Hovhannisyan, during a special meeting of the Standing Committee on Financial, Credit and Budgetary Affairs of the National Assembly, said goods manufactured in Armenia comprised 47% of total exports to Russia.

Armenia has become a transit route for trade between Western countries and Russia, a country now under western sanctions.

Hovhannisyan said tourism has increased by 90 %, mostly from Russia.

“We have a large increase in money transfers, which also had an impact on the dram's appreciation. As a result, we recorded a 12.6% economic growth, although when preparing the state budget for 2022 in September we predicted 11% growth, and our target was to have 7% economic growth for 2022 in accordance with the government's plan,” the minister said.

 He said the services sector contributed the most to GDP growth, but growth was also recorded in the industry and construction sectors.

“The unemployment rate decreased by 2.5% to 13%. We have an increase in real wages, which increased by 6.3% against the backdrop of 8.6% inflation,” he said.