ArmInfo. Armenia is actively diversifying its export destinations for finished products.
During a conversation with journalists on August 21, RA Minister of Economy Gevork Papoyan noted that the country's state budget for the current year had projected a GDP growth of 5.1%. International financial institutions, on the other hand, predicted a growth rate for the Armenian economy between 4.5-5%. In the first quarter of this year, the country's economic growth rate was at 5.4%, and by the end of the second quarter, it reached 5.9%. Additionally, as Papoyan noted, tax revenues grew at a much faster pace, indicating growth of the real sector of the economy. As a result, the RA government decide to allocate significant funds for the construction of 150 kilometers of roads. The construction of 300 schools and 500 kindergartens is also ongoing. There has been some decline in industry, which Papoyan attributed to the cessation of re-export of Russian gold and diamonds to the UAE. However, significant growth is observed in the food industry production and its export to the countries of the European Union. The same trend applies to the production and export of aluminum and alcoholic beverages to the EU, indicating a diversification of export directions.
