In 2023, Armenia's economy grew by 8.7%, surpassing the target set in the 2021 snap election program. Prime Minister Nikol Pashinyan announced this during a joint session of the National Assembly's standing committees, where the 2023 state budget execution was discussed.
Pashinyan noted that the economic growth in both 2022 and 2023 exceeded the planned target of 7 percent per year.
"It is important to highlight that since the peaceful, non-violent Velvet Revolution of 2018, Armenia's economy has grown by nearly 30 percent. This is a very significant indicator. The GDP per capita has increased by approximately 37 percent in real terms compared to 2017, and more than doubled in dollar terms," Pashinyan emphasized.
Earlier, BMG reported that Armenia's gross domestic product grew by 8.7% year-on-year in the previous year.
By the end of 2023, Armenia's nominal GDP at current prices amounted to approximately 9.5 trillion drams, or nearly 23.5 billion US dollars. The GDP per capita at market prices was about 3.2 million drams, or 8168 US dollars.
