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Central Bank of Armenia expects 5.8% economic growth in 2023

16.03.23 16:27
Armenian Central Bank chairman Martin Galstyan predicted on Tuesday a 5.8% economic growth in 2023.

"Basically, we expect large growth in the construction and services sectors," he said at a press conference on Tuesday. Galstyan said growth is expected also in agriculture, as well as 5.2 percent growth in industry.

Earlier the Central Bank had forecasted 4.5% growth for 2023. Talking about the reasons for the upward revision of the forecast, Galstyan pointed out the 'increased potential.

"Not only have we revised the economic growth figures, but we believe that the potential growth will up sufficiently over the next few years," he said.

He said this will be driven by construction growth in 2023, particularly by the Amulsar gold project, which will probably be reflected in the industrial sector's output as early as 2024.

At the same time, he said, there is already some growth in productivity, both through the arrival of foreign nationals (largely from Russia), who are a significant component of the labor market in a number of areas, and through processes resulting from the introduction of new technologies by a number of companies.

Armenian government's growth outlook for 2023 is 7%, while inflation is set at 4% (±1.5%). Fitch forecasts 6.1% growth, while the World Bank and the EBRD estimate that Armenia's GDP will increase by 4-4.1% in 2023, ARKA reports.