ArmInfo.The impact of re-exports on GDP growth in 2022 was about 1%, and in 2023 - even lower, which was associated with changes in the sanctions environment, a new reality replacing traditional directions, Deputy Minister of Economy Rafael Gevorgyan TOLD Armenia's Public TV.
He explained that the added value of goods that enters Armenia for re-export has an insignificant impact on the economy, since it is used only by a certain group of businesses. Only a couple of branches that contained an additional services component had a significant impact, he said. In this regard, Gevorgyan, as an example, pointed to the re-export of inexpensive, damaged cars that needed repairs and other services. "This component of additional services created the result," said the deputy minister.
However, he emphasized that good results were achieved at the end of the year. In particular, Gevorkyan recalled that the indicator of economic activity in Armenia in 2023 exceeded 9%, and GDP growth, according to estimates by the Ministry of Economy, will be about 8.5%.
According to statistical data, in Armenia the growth of economic activity in January-December 2023 slowed down to 9.4% per annum (from 14.2% in 2022). The dynamics are driven largely by the trade sector - with an acceleration of annual 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 turned out to be modest, slowing from 7.8% to 4.1%.
According to the updated forecasts of the Central Bank (CB of RA), the International Monetary Fund (IMF), the World Bank (WB), the European Bank for Reconstruction and Development (EBRD), GDP growth in Armenia in 2023 was expected at 8.3%, 7%, respectively. , 7.1% and 6.5%. Moreover, for 2024 they predict a slowdown in the growth rate of Armenia's GDP: according to the expectations of the Central Bank of the Republic of Armenia, up to 6.1%, according to the expectations of the IMF, up to 5%, according to the expectations of the World Bank, up to 4.7%, according to the expectations of the EBRD, up to 4.5%.
Armenia's foreign trade turnover at the end of 2023 exceeded US $20.7bln, with growth slowing to 46% (from 68.6% in 2022). In particular, a slowdown in volume growth rates was observed both for exports - from 77.7% to 55.3% to US $5.4bln, and for imports - from 63.5% to 40.2%, the absolute value of which amounted to US $8.4bln and US $12.3bln. As a result, the negative balance of foreign trade of Armenia for 2023, having slowed down from 47.8% to 14.7%, reached US $3.9bln.
