ArmInfo. Even amid higher inflation, Armenian citizens` living standards are, on average, higher than a couple of years ago, RA Minister of Economy Vahan Kerobyan told reporters on Thursday.
To substantiate his opinion, saying that the real economic growth will exceed the targets this year, but it will not be double-digit growth.
As regards concerned over inflation, Mr Kerobyan noted that the Ministry of Economy is seeking mechanisms to curb inflation, including ones within the Eurasian Economic Union (EAEU). In this context, the minister reminded the reporters of the preferential tariffs for sugar, meat products. "It will reduce inflation when it comes to these products," he said.
Work is in progress with the Commission for Protection of Economic Competition to curb prices for some product items using such instruments as subsidizing cargo transportation, paying attention to formation of prices for different products.
According to the RA Statistical Committee, 1.7% inflation was officially registered in Armenia this November, with the annual inflation (in November 2021 against November 2020) rising up to 9.6%. During the previous period (November 2020 against November 2019), the monthly inflation was 1.3%, with the annual inflation being 1.6%. The real inflation rose up to 8.4% this November against last November, after the previous months of stability. This November alone, 0.8% inflation was recorded against 2% and 0.4% respectively during the corresponding periods last year.
This January-October saw 4.3% growth in economic activity, with 3.6% growth this October against last October. The trade and services sectors proved drivers of the growth, with modest growth in industrial output.
According to the WB September forecast, 6.5% GDP growth is expected in Armenia this year, with 4.5% GDP growth expected next year.3.2% GDP growth was budged for this year, but Armenia`s financial authorities are expecting 6% GDP growth. 7% GDP growth has been budgeted for next year, after last year`s 7.4% fall in GDP and pre- COVID 7.6% fall in 2019, according to the statistical data.
