On Tuesday, July 30, the Chairman of the Central Bank of Armenia, Martin Galstyan, announced positive changes in the country's economic growth structure at a press conference dedicated to the refinancing rate.
According to Galstyan, the excessive concentration of economic growth observed at the end of 2023 and the beginning of this year has been largely overcome. "The distribution of economic growth across sectors has become more diverse," noted the Central Bank head.
He emphasized that several sectors, including agriculture, industry, and construction, are positively impacting the economy. This indicates a more balanced development of the country's economy.
However, Galstyan pointed out a sharp slowdown in growth within the manufacturing industry. The main reason for this phenomenon, in his view, is the significant decline in the re-export of gold.
Previously, BMG reported that despite impressive growth at the beginning of the year, industrial growth rates had sharply decreased by June 2024. In June, growth was only 1.4% compared to an average of 29.2% in the first three months.
In June of this year, economic activity in Armenia showed a significant increase of 7.1% compared to the same month last year, and growth for the first six months of 2024 was 10.4%.
Armenia's economic growth in the 2024 state budget is projected at 7%, with inflation set at 4% (±1.5%).
4o
