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Armenia's economic activity ups 9.7% year-on-year in 9 months of 2023

ეკონომიკური ზრდა
25.10.23 15:37

Armenia's economic activity in the first 9 months of 2023 was up 9.7% when compared to the same time span of 2022, the National Statistical Committee (NSC) said today.

The growth in September 2023 as opposed to 2022 September was up 5.6% and up 3.7% compared to August this year. According to the official data, all economic sectors saw growth, except for production of industrial goods and electricity generation.

The industrial output was down 0.6% to over 1.8 trillion drams. It was also down 4.3% in 2023 September compared to 2022 September. The agricultural gross output amounted to about 619.7 billion drams, up 1.7% as opposed to the first 9 months of 2022.

The construction sector grew by 17% year-on-year to 349.3 billion drams. In September 2023 it was up 15.7% from 2022 September.

According to the statistical data, the domestic trade grew to over 3.2 trillion drams, up 23.1% from the same period of 2022. In September 2023 it was up 23.5% when opposed to 2022 September.

The services sector (without trade) grew to over 3.7 trillion drams, up 23.3% from the same period of 2022. In September of the current year compared to September of the last year, the sector grew by 24.2%. No data was available on average monthly gross salary.

Armenian government’s growth projection for 2023 is 7%; the inflation is expected to be 4% (±1.5%). The Central Bank's growth forecast is 6.9%, with 12-month inflation expected to be slightly below the 4% target.

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%.

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