ArmInfo. The progressive development of the IT sector has had a significant impact on the growth rate of economic activity. Minister of Economy of Armenia Vahan Kerobyan stated, speaking during the 23rd annual congress of the Union of Advanced Technology Enterprises (UATE).
He noted that in recent years, high economic indicators have been recorded in Armenia and the industry has become attractive to both local and foreign investors.
"We are now at the beginning of a new technological era. Artificial intelligence, which is penetrating our lives on a large scale, will become a significant factor in the context of increasing labor productivity, which will lead to significant changes, including in the economy and the IT sector," he noted.
During the meeting, the UATE strategy for the coming years was adopted.
The event was attended by Minister of High-Tech Industry Mkhitar Hayrapetyan, Deputy Speaker of the National Assembly Hakob Arshakyan, UATE Chairman Alexander Yesayan, other officials and industry representatives.
According to the Ministry of Economy, participants discussed challenges and key issues affecting the technology industry.
According to the Statistics Committee, the growth of economic activity in Armenia in January-December 2023 slowed down to 9.4% per annum (from 14.2% in 2022). The growth was largely determined by the trade sector - with an acceleration of y-o-y rates from 17% to 25.7%, and to a slightly lesser extent by the construction sector - with an acceleration of rates from 12.5% to 14.8% and the service sector - with a slowdown in rates 28.2% to 10.3%, against which the growth of the industrial sector was more modest, slowing from 7.8% to 4.1%.
The information and telecommunication technologies (ICT) sector in Armenia accelerated its growth rate from 65% to 67.3% in 9 months of 2023, providing 649.6 billion drams ($1.7 billion) in revenue.
