Armenia’s Central Bank has revised upwards its growth forecast for the country’s economy in 2023 to 6.9% from 5.8% forecast made earlier in March, 2023.
According to the chairman of the Central Bank Martin Galstyan, the 1% upward revision is prompted by higher than expected growth in such sectors as services and construction.
According to the current forecasts of the Central Bank, the services sector is expected to grow this year by 7.8% and construction sector by 15.7%.
Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%). The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024.
The Asian Development bank said Armenia's economic growth will slow down to 6.5% in 2023 and to 5.5% in 2024 depending on domestic and external demand and the International Monetary Fund (IMF) said in its latest World Economic Outlook report for April 2023 that it expects Armenia's economy to grow by 5.5% in 2023.
The WB says in its latest report "Global Economic Prospects, June 2023" that it expects Armenia's economy to grow by 4.4% in 2023, ARKA reports.
