EDB upgrades its forecast for Armenia`s economic growth to 7.5%

ArmInfo.The Eurasian Development Bank upgraded its forecast for the growth of the Armenian  economy in 2023 to 7.5%. Earlier, the Bank forecasted the growth of the country's GDP up to 4.2%. This is stated in the next Macroeconomic Review of the EDB.  According to the source, economic activity in Armenia increased by 10.4% y/y in Jan-July after 11.4% y/y in Jan-June.

The slowdown is associated with a weakening dynamics in the services  (+5.8% y/y), trade (+20.4%  y/y) and industry (-2.4% y/y) sectors in  July, due to the high performance of these sectors in the same period  last year, and a gradual adjustment in demand. Construction growth  remains stable (17.2% y/y in Jan-July).  ,  the Bank said in its Review. 

The Eurasian Development Bank (EDB) is an international financial   organization that carries out investment activities in the Eurasian   space, which was established in 2006. The Bank promotes the   strengthening and expansion of economic ties, and the comprehensive   development of the participating countries: Armenia, Belarus,   Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital   of the EDB is $7 billion. The main part of the EDB portfolio is   projects with integration effect in the fields of transport   infrastructure, digital systems, green energy, agriculture, industry   and engineering. In its activities, the Bank is guided by the UN  Sustainable Development Goals and ESG principles.