Armenia's Minister of Economy, Gevorg Papoyan, announced a revision of the country’s economic growth figures during an interview with Public Television.
The GDP growth for 2023 has been adjusted to 8.3%, down from the previously reported 8.7%. Similarly, the data for the first quarter of 2024 was revised down from 9.2% to 6.6%.
Despite these adjustments, the minister emphasized that these figures still represent strong performance, especially considering the decrease in the number of relocators and reduced cash flows from Russia. According to him, the growth rate for the second quarter of 2024 stood at 6.5%.
Earlier, BMG reported that Armenia’s Statistical Committee had announced a revision of the country’s gross domestic product (GDP) figures for 2023 and the first quarter of 2024. The adjustments were linked to the reclassification of economic activities and the updating of data for the final months of 2023 and the beginning of 2024.
According to the updated data, Armenia's GDP for 2023 amounted to AMD 9.45 trillion (approximately USD 24.3 billion), which is AMD 52 billion (USD 133 million) less than the initial estimate. The GDP volume index decreased by 0.4 percentage points and now stands at 108.3%.
The figures for the first quarter of 2024 were also revised. GDP for this period decreased by AMD 48.3 billion (over USD 124 million) to AMD 1.922 trillion (over USD 4.9 billion). The volume index dropped by 2.6 percentage points, standing at 106.6%.
