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Armenian economy grew by 11.4% in first half of 2023

25.09.23 14:26

Armenia's economic activity grew by 11.4% in January-June 2023, Finance Minister Vahe Hovhannisyan said on Monday.

According to him, the growth resulted from a string of factors, such as growth of tourism, arrival of many foreign IT companies, as well as increased demand for Armenian exports in Russia.

Hovhannisyan presented today a budget execution report for the first half of 2023 to a meeting of the parliamentary committee on finance and budget issues.

The minister noted that the growth was largely driven by service sector, but growth was also reported by other sectors of the economy.

Thus, in the first half of 2023, amid high domestic demand and increased demand for Armenian products in some foreign markets, quite significant growth was registered in foreign trade with exports of goods increasing by 72.8% and imports by 73%, according to Hovhannisyan.

According to the National Statistical Committee, Armenia’s foreign trade turnover in January-June 2023 increased by 72.9% compared to the same period of 2022 amounting to nearly $8.9 billion. Exports from Armenia recorded a 72.8% increase to nearly $3.27 billion, while imports exceeded $5.63 billion, increasing by 73%.