At a press conference on September 10, Central Bank of Armenia Governor Martin Galstyan reported significant economic growth in the country by the end of the second quarter. Preliminary data shows a GDP growth of 6.4%.
Galstyan noted that this figure exceeds the economy’s potential growth rate. While the gap between actual and potential growth is gradually narrowing, Armenia's economy remains in a "positive zone" relative to its potential.
However, the Central Bank chief warned of short-term factors continuing to affect economic growth, specifically the re-export of Russian gold and precious stones. These factors contribute to significant uncertainty regarding the stability of growth and the long-term prospects of the economy.
BMG reminds that Armenia’s 2024 state budget projects economic growth at 7%. Meanwhile, the Central Bank forecasts growth between 6.1% and 6.8% for the current year.
Recently, Armenia’s Statistical Committee revised the country’s GDP figures for 2023 and the first quarter of 2024. According to updated data, Armenia's GDP for 2023 amounted to 9.45 trillion drams (approximately $24.3 billion), which is 52 billion drams ($133 million) less than the initial estimate. The GDP volume index dropped by 0.4 percentage points, now standing at 108.3%.
The figures for the first quarter of 2024 were also adjusted. GDP for this period decreased by 48.3 billion drams (over $124 million), to 1.922 trillion drams (more than $4.9 billion). The volume index declined by 2.6 percentage points, now at 106.6%.
