CBA ex-chairman on difference between economic growth and economic  progress 

ArmInfo. Despite economic growth in Armenia last year, no economic progress was recorded, Bagrat Asatryan, ex-chairman of the Central Bank of Armenia (CBA),  said. 

Although 12.6% economic growth was recorded last year, the economic  situation is far from being good. 

The IT sector was one of the most rapidly developing sectors, with  70% growth and 40% increase in employment, which, however, is only  10,000 jobs. And the IT sector has only a small niche in Armenia's  employment market. "If we say IT is our way to development, we are  not on this way yet," Mr Asatryan said. 

Elaborating on the figures recorded in 2022, the expert stressed that  last year's scenario had not been "preprogrammed" - it was "kind of  fantastic" one, which could hardly repeat. Mr Asatryan highlights the  importance of guaranteed economic growth. 

"All Armenian governments tried to prove they had better economic  development programmes, but after 30 years we see the situation in  the national economy is far from being perfect," Mr Asatryan said. 

Last year, 12.6% GDP growth was recorded in Armenia against 5.7% in  2021 and 7.6% in 2019, totaling AMD 8,497bln or $19.5bln. 

The following sectors had the major shares in the GDP growth in 2022:  the services sector (28.2%), trade (17%), energy sector (16.1%),  construction (12.5%), industry (7.9%), with the agricultural sector  recording 0.4% growth.  

Among the factors facilitating economic growth in Armenia is the  arrival of a great number of relocated employees to Armenia because  of the Russian-Ukrainian war, growth in Armenia's exports of  agricultural products to Russia, as well as Armenian businesses'  involvement in parallel importing in Russia.