ArmInfo. Significant changes in the industry are expected only next year. On December 20, Armenian Minister of Economy Vahan Kerobyan told reporters on the sidelines of a press conference on Armenia's participation in the international Expo 2025 Osaka, Kansai, Japan.
He noted that the industry's current performance is cause for concern because despite the high economic growth rate, the industry's growth is virtually negligible.
The minister explained that the current situation was provoked by a number of factors. First of all, in this regard, he named the Central Bank's containment policy aimed at effectively combating inflation, which had negative consequences for exporters due to the strengthening of the dram.
The minister explained that the current situation was provoked by a number of factors. First of all, in this regard, he mentioned the Central Bank's policy of containment aimed at effectively fighting inflation, which had negative consequences for exporters due to dram appreciation. "This has led to a slowdown in industrial growth," he said.
At the same time, Kerobyan noted that according to the current situation, within the framework of the state program for modernizing the economy, industrial enterprises purchased equipment and production lines worth 250 billion drams. "This will certainly produce results, but it takes time," he said. According to the RA Statistics Committee, in January-October 2023, the industrial sector of Armenia reduced production volumes by 0.5% (against 9.9% growth a year earlier), providing 2.1 trillion drams ($5.3 billion).
Mining and open-pit mining lingered in decline, slowing slightly from 5.1% to 4.7%, and generating a volume of 396.7 billion drams.
The volume of the manufacturing industry in January-October amounted to 1.4 trillion drams, 0.2% lower than last year(versus 18.1% growth a year earlier).