The Ministry of Economy of Armenia has presented a report titled "Armenia: Economic Outlook," which provides a detailed analysis of the country's economic situation in the first half of 2024. The report places particular emphasis on the analysis of money transfers, which play a significant role in the country's economy.
According to the data presented, the total volume of money transfers to Armenia in the first six months of 2024 amounted to $2.52 billion. However, this figure shows a 13.7% decrease compared to the same period last year.
Even more noticeable is the reduction in net inflow, which represents the difference between total inflow and outflow. During the reporting period, the net inflow amounted to $595.4 million, which is 33.7% less than the previous year.
It is noteworthy that the majority of money transfers to Armenia come from just two countries—Russia and the United States—together accounting for 78% of all transfers, highlighting the high dependence of Armenia's economy on economic ties with these countries.
Russia remains the largest source of money transfers for Armenia. In the first half of 2024, $1.64 billion was sent from Russia. However, there is a negative trend here as well, with the volume of transfers decreasing by 23% compared to the same period in 2023.
At the same time, there is a positive trend in money transfers from the United States. During the reporting period, $325.3 million was sent from the US, marking a 5.3% increase compared to the same period last year.
