Armenia Continues to Maintain High Economic Activity, Says Prime Minister

Prime Minister Nikol Pashinyan led a meeting at the Government today regarding trends in economic growth and development programs in Armenia. In connection with the topic, the Prime Minister specifically noted: “According to the data published by the Statistical Committee the day before, Armenia continues to be in a situation of high economic activity. We have set a target to ensure at least 7 percent economic growth in 2023. I propose we discuss some nuances related to the indicators of economic activity and consolidate our upcoming actions in order to ensure our goals regarding economic activity.”

The officials addressed the key macroeconomic indicators for January-February 2023 as published by the Statistical Committee. Accordingly, a 10.9 percent increase in economic activity was recorded. The volume of construction increased by 13.2 percent, services by 23.5 percent, domestic trade turnover by 18 percent, and foreign trade by 77.7 percent. The consumer price inflation rate has decreased to 8.1 percent. It was noted that the inflow of capital and labor into Armenia continues.

Discussions also focused on actions to maintain the dynamics of accelerated growth in the economy. The sectors of industry, agriculture, urban construction, infrastructure, energy, technology, and other areas were reviewed in terms of investment projects and development programs, reform agendas, tax and budgetary policies, monetary policy, international economic trends, and more.

In conclusion, the Prime Minister emphasized the importance of consistent work towards ensuring continuous economic growth and instructed to keep the Government's objectives in focus.