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%.
