Armenia's economic activity in the first 8 months of 2023 was up 10.4% compared to the same time span of 2022, the National Statistical Committee (NSC) reported.
It said the growth in 2023 August alone was up 6.2% against the previous month of July. Virtually all sectors of the economy reported growth, except for industrial output and electricity generation.
Industrial output dropped by 0.1% year-on-year to over AMD 1.6 trillion. In August 2023, it was down 3.7% compared to August of 2022.
The construction sector in the first 8 months of 2023 compared to January-August 2022 increased by 17.3% to over 283.5 billion drams. In August 2023 it was up 17.5% from August 2022.
According to the statistical data, the domestic trade turnover in January-August this year reached over AMD 3.2 trillion, which is 23.1% higher than in the same period of 2022. On a year-on-year basis, the domestic trade turnover increased by 23.5% in August.
The service sector (excluding trade) reached about AMD 2 trillion in the first eight months of 2023, which is 14.8% higher than in the same period of 2022. At the same time, in August of the current year, the index increased by 13.8% compared to August of the last year.
No data were available on gross agricultural production and average monthly gross salary.
Armenian government’s growth projection for 2023 is 7%; the inflation is expected to be 4% (±1.5%). Armenia's economic activity in the first 7 months of 2023 upped 10.4% year-on-year.
Fitch predicted for the Armenian economy 6.1% growth in 2023, Moody's forecast is 7%, and that of S&P is 7.5%.
The World Bank estimates that Armenia's GDP growth will be 4.4% this year, the EDB expects it to grow by 7.5%, the EBRD’s growth forecast is 5%, and that of IMF is 5.5%, ARKA reports.
