In an exclusive interview with BMG, Armenian Finance Minister Vahe Hovhannisyan provided insights into the Ministry of Finance's projections for economic growth in Armenia.
Minister Hovhannisyan disclosed that the Ministry of Finance employs various scenarios to analyze economic growth trends. With a targeted 7% growth rate outlined within the budget, the Ministry advises the government on strategies to achieve this goal.
Following a recent analysis, Minister Hovhannisyan revealed that the Ministry has developed multiple scenarios for economic growth. However, based on their current assessment, the Ministry anticipates a growth rate of around 7% for the foreseeable future.
“However, based on the current scenario, which we consider the most probable, though many things can change throughout the year, we anticipate it to be around 7%, perhaps slightly below,” - the minister said.
Previously, BMG reported that Armenia's GDP in the first quarter increased by 9.2% compared to the same period last year, exceeding $5 billion. In the first quarter of 2024, Armenia's GDP per capita was 653,721 drams ($1,685) compared to 608,356 drams ($1,560) for the same period last year.
The economic growth forecast in Armenia's state budget for 2024 is set at 7%, with inflation projected at 4% (±1.5%).
