GDP per capita in Armenia will grow by $ 286 by the end of 2018

ArmInfo. GDP per capita in  Armenia by the end of 2018 from the expected current year's $ 3,699  will reach $ 3,985, answering the question of ArmInfo, Deputy Finance  Minister of Armenia Armen Hayrapetyan said on October 22 during a  seminar organized with the assistance of the German Society for  International Cooperation (GIZ).

According to the deputy minister, $ 286 per capita growth is planned  to be provided within the framework of the planned growth in the  budget for 2018, namely, the projected GDP growth of 4.5%.

Earlier, Armenian Minister of Finance Vardan Aramyan stated that in  2020 the GDP per capita will be $ 4700 instead of the current $ 3500.  At the same time, as the head of the Armenian Ministry of Finance  explained, the calculation was made based on the preservation of the  exchange rate of 480 drams for one US dollar.

It should be noted that on May 18, Armenian President Serzh Sargsyan,  referring to the deputies of the new convocation parliament, said  that by the year 2040 the GDP per capita in the republic is planned  to be increased to about $ 15,000, considering both GDP growth rates  and the planned improvement of the demographic situation. It is  necessary that the average annual rate of economic growth is  significantly higher than the average international economic growth  rate, so that the difference in GDP per capita in Armenia and  developed countries gradually decreases, he said. In particular, as  Sargsyan said, during 1990- 2015 Armenia's GDP from $ 2 billion 257  million reached $ 10 billion 529 million, an increase of about 4.7  times. During 2016-2040 it is planned to provide about five percent  average annual growth of GDP and reach the figure of more than $  57-60 billion, providing growth for  approximately five and a half  times.