ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.The Central Bank of Armenia has revised its GDP growth forecast for 2024 from the  previous 5.3-6.4% to an updated 6.8-6.1% (against 8.7% growth in  2023), depending on the formation of high or low inflation.

ArmInfo. The World Bank has maintained its previously improved forecast for Armenia's GDP growth  at 5.5% in 2024 and 4.9% in 2025. This is noted in the World Bank's June Global Economic Prospects report.

ArmInfo.The persistence of above-potential growth, as well as the non-widespread nature of  recent growth, poses certain uncertainties regarding the relative position of aggregate demand versus aggregate supply.

ArmInfo. In Q1 2024, Armenia increased export supplies 2.7-fold , which was mainly due to the  re-export of gold to the United Arab Emirates. Deputy Minister of Finance of Armenia Vahan Sirunyan stated during a meeting of the Standing Parliamentary Committee on Financial-Credit and Budgetary  Affairs on June 7.

ArmInfo.

ArmInfo.

ArmInfo. In Armenia, the growth of economic activity in January-April 2024 accelerated to 13.2% per  annum (from 12.2% in the same period of 2023). But unlike last year, now the driver of growth is not only the trade sector, but also the industrial sector. As evidenced by the final data of the RA Statistical Committee, this was accompanied by continued high growth rates of exports and imports.

ArmInfo. The EU has allocated 2.9 million euros to Armenia for the next 2 years for the implementation of the rebranding process of Armenian cognac(brandy). This was announced in Parliament by Armenian Minister of Economy Gevorg Papoyan. <The process has already been launched>, he emphasized.

ArmInfo.The RA Ministry of Economy has developed a draft export development strategy. This was  stated by RA Minister of Economy Gevorg Papoyan on June 4 during the discussions on the report on the execution of the 2023 state budget of Armenia.

ArmInfo. The international food exhibition Sial-2024, which is one of the world's largest export  platforms, will take place in Paris. Armenian companies will present their production at the exhibition under a single pavilion.

ArmInfo.Armenian food and non-alcoholic beverage producers will take part in the international  exhibition Foodex Saudi-2024.

ArmInfo. One of the important  components of Armenia's export strategy will be the establishment of  industrial zones, which will serve as innovation and production  centers, expanding the state's export capabilities.

ArmInfo.The expenses of the State Revenue Committee of Armenia in 2023 were 35% higher than the actual  expenses of the department for 2022 in the amount of 28.3 billion drams. This was stated by the head of the Ministry of Finance Vahe Hovhannisyan on May 31 in parliament at the preliminary hearing of the annual report "On the execution of the State Budget of the Republic of Armenia for 2023". The head of the State Revenue  Committee, Rustam Badasyan, in turn, noted that the department he heads has exceeded the targets planned for 2023.

ArmInfo.The most significant positive impact on Armenian exports was the approximately 3.4-fold  increase in exports to the UAE. This was stated by Finance Minister Vahe Hovhannisyan on May 29 in parliament at a hearing on the implementation of the budget for the past year.

ArmInfo.

ArmInfo. In Armenia, the price index of industrial products began to rise. Thus, in January-April  2024, the price index for industrial products totaled 100.7% (versus 98.9% in the same period in 2023). This was observed against the backdrop of a sharp acceleration in the y-o-y growth of the industrial sector from 2.4% to 26.8% in January-April 2024, providing volumes of 953.3 billion drams ($2.4 billion).