Monday, April 15, 2024
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Home » EBRD Calculates Armenia Economic Growth Indicator For 2023 First Quarter

EBRD Calculates Armenia Economic Growth Indicator For 2023 First Quarter

by Pridoni Jaqeli
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In the first half of 2023, the economic growth in Armenia was 12.2 percent on an annual basis, but there are signs of slowing down. This is mentioned in the analysis of the experts from the European Bank for Reconstruction and Development  (EBRD).

Armenia’s economic growth in 2022 was 14.2 percent. An increase of 7.8 percent was recorded in the manufacturing sector, 28.2 percent in the service sector, and a double-digit growth rate was recorded in the construction and trade sectors.

The services sector—especially information, communication, and tourism services—benefited from increased demand from non-residents of Armenia.

In addition, the net inflow of remittances to Armenia almost doubled in 2022, due to the sevenfold increase in remittances from Russian citizens taking refuge in Armenia.

Annual inflation decreased, reaching 5.4 percent in March 2023, reflecting the tightening of monetary policy and the revaluation of the national currency during 2022.

Source: News

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