11%-12% GDP growth expected in Armenia in 2022

ArmInfo.Armenia will close this year with an economic growth of 11%-12% against the budgeted 7%, Armenia's Minister of Finance Tigran Khachatryan stated on Thursday  as he presented the 2023 draft budget. 

He reported 13.9% growth in economic activity in Armenia this  January-August, which allowed the government to exceed the annual  budget revenue targets and allocate additional funds to  socio-economic programmes and security initiatives. 

"The ongoing economic developments suggest that we could close the  year 2022 with 11%-12% economic growth. This is a positive fact, but  ensuring 7% economic growth in 2023 requires speeding up reforms,  which are expected to improve the conditions for the private economic  sector and enhance the efficiency of the government-funded  socio-economic programmes," the minister said. 

  This February, Armenia's economic activity showed a two-digit growth,  showing a 13.9% year-on-year growth this January-August, with 13%  inflation on the food market.

The EBRD has revised its GDP growth forecast for Armenia for this  year from 4.5% up to 8%, expecting steadier growth.

According to the WB forecast revised this June, 3.5% GDP growth was  expected in Armenia in 2022 against the previously forecast 1.2%. The  International Monetary Fund (IMF) revised its GDP growth forecast for  Armenia for 2022 - 5% against the previous 1.3%. Early this  September, Fitch Ratings revised its GDP growth forecast for Armenia  up to 6.4% against the previous 1.3%.