In 2023, Armenia achieved macroeconomic stability. This was stated by the Chairman of the Central Bank of Armenia Martin Galstyan, during a discussion in the National Assembly on May 29.
According to him, in a relatively favorable economic environment, the results of the fiscal policy implemented in 2023 deviated somewhat from the planned medium- and long-term goals.
"In this context, the Central Bank considers it important to implement a fiscal countercyclical policy during the reporting year. However, it is necessary to initiate measures aimed at sectoral redistribution, taking into account the structural features of the current economic growth, as well as to ensure the planned volumes of public capital expenditures," Galstyan noted.
The Chairman of the Central Bank also emphasized the importance of effectively balancing medium-term financial stability and economic incentives, calling for the consistent implementation of measures that will ensure the achievement of the government's target indicators.
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.
