Armenia's economic activity in the first quarter of 2023 was up 12.2% from the same time span of 2022, the National Statistical Committee (NSC) said today.
It said all sectors of the economy posted growth with the exception of power generation sector. During the reporting period, industrial output amounted to about 556.6 billion drams ($1.4 billion), having increased by 3.6% compared to January-March 2022.
Gross agricultural output amounted to over 88.7 billion drams ($230 million) with 1.4% growth as compared to the same period of the past year.
The construction sector rose by 15.6% to over 64.8 billion drams ($168 million). The domestic trade in January-March this year was about 1.1 trillion drams ($2.85 billion), which was up 21% year-on-year. The services (excluding trade) surged by 23% from the first quarter of 2022 to 675.2 billion drams ($1.75 million). The National Statistical Committee did not provide data on average gross monthly wages.
Armenian government's growth projection for 2023 is 7%, while inflation is set at 4% (±1.5%).
The International Monetary Fund (IMF) said in its latest World Economic Outlook report for April 2023 that it expects Armenia's economy to grow by 5.5% in 2023.
The forecasted figure is up from IMF's previous projection of 4.5% growth for Armenia in 2023, made in December 2022.
The World Bank predicts that Armenia's economic growth in 2023 will be 4.1%. Fitch in February projected the Armenian economy to grow to 6.1% in 2023 and to 4.7% in 2024.
The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024. The Asian Development bank said Armenia's economic growth will slow down to 6.5% in 2023 and to 5.5% in 2024 depending on domestic and external demand, ARKA reports.
