ArmInfo.

ArmInfo. Our calculations show that we are approaching the neutral interest rate level. This opinion  was expressed by head of the Central Bank of Armenia Martin Galstyan at a press conference on the decision of the Central Bank Board to reduce the refinancing rate by 0.25p.p. to 8.5%.

ArmInfo.

ArmInfo.For the second year in a row, the Armenian economy will become the leader in terms of economic growth among the countries in the region. According to estimates by the Eurasian Development Bank (EDB), the country's GDP growth at the end of 2023 will be 8.3% (against the previously projected 7.5%). Alexey Kuznetsov, Head of EDB Research Department, announced on Thursday in Almaty, presenting the EDB Macroeconomic  Outlook 2024-2026.

ArmInfo. The International Monetary Fund (IMF) has opened Armenia's access to a loan of approximately $24.4 million (SDR 18.4 million) under the Stand-by Agreement (SBA), bringing the total access amount to approximately $73.3 million (SDR 55.2 million).  also providing an improved forecast for Armenia's GDP growth for 2023 from the previous 5.5% to an updated 7%, with a slowdown in 2024 to 5% (as previously expected). In terms of inflation, the IMF points to its rapid decline in Armenia, and predicts a return to the target threshold of 4% by mid-2024 and stabilization near this level.

ArmInfo. In 2023, Armenia will experience a significant increase in domestic demand. Governor of the Central Bank of the Republic of Armenia Martin Galstyan stated on November 15 from the rostrum of the National Assembly of the Republic of Armenia.  

ArmInfo.According to the Central Bank's estimates, we have a positive potential GDP gap.  Chairman of the Central Bank of Armenia Martin Galstyan stated  at the extraordinary sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs on November 8.

ArmInfo.

ArmInfo.

ArmInfo. The Eurasian Development Bank (EDB) has released the latest Macroeconomic Review for its six member states. This regular publication provides a roundup of the macroeconomic situation and projects near-term developments in the member countries. The review also contains detailed statistics on key macroeconomic indicators.

ArmInfo.

ArmInfo. According to the EBRD-prepared report "Regional Economic Prospects in the EBRD  Regions", in 2023, economies in Eastern Europe and the Caucasus have been adjusting to the extreme shock to their economies caused by the war on Ukraine. 

ArmInfo.The Central Bank has improved its forecast for 2023 for Armenia's GDP growth from the  previous 6.9% to an updated 7.2%. The new forecast is driven by  strong growth in the construction and services sectors.

ArmInfo.Deflation in Armenia is very negligible due to the moderate reduction in food prices and  rising prices for services. Moreover, among food products, the prices  of sunflower oil, flour, cereals and pasta decreased most noticeably,  while vegetables and fruits had a much smaller deflationary effect.   At the same time, service tariffs continued to rise, slightly more  modestly than last year, with double-digit growth in transportation  and recreation, and medical services began to rise more rapidly.

ArmInfo. A delegation of the International Monetary Fund (IMF) led by Mr Jihad Azour, Director of the IMF Middle  East and Central Asia Department, and Ms Iva Petrova, IMF Mission Chief for Armenia, was on a visit to Armenia recently. In an interview with Mr Emmanuil Mkrtchyan, CEO, ArmInfo News Agency, Mr Jihad Azour said that the IMF delegation visited Armenia on the occasion of the 30th anniversary of the Armenian national currency  and foundation of the Central Bank of Armenia, landmarks in Armenia's history.

ArmInfo.

ArmInfo.  According to the  Macroeconomic Outlook by the Eurasian Development Bank (ADB), this  June saw a 0.5% price reduction in Armenia against a 1.3% price rise  this May. 

ArmInfo. June's 0.5% deflation in  Armenia was caused by a 4.1% decrease in food prices, an almost  identical increase in service tariffs by 3.9% and a slight increase  in non- food prices by 0.3%. The most noticeable fall in food prices  was for vegetable oil - by 39.2%, vegetables - by 28.1%, buckwheat -  by 23.1%, lentils - by 20.7%, flour - by 16.3%, peas - by 12.6%,  margarine - by 10.6%, pork - by 10.1%, in parallel with which the  prices of eggs have risen significantly - by 21.7% and beef - by 9%.  This is evidenced by the data of the RA Statistical Committee,  according to which, a year ago in June, 10.3% inflation was recorded  due to the increase in the prices of food and non-food products by  16.1-7.5% and the increase in service tariffs by 5.3%.

ArmInfo. A regular Cabinet meeting took place today, chaired by Prime Minister Nikol Pashinyan, the  press service of the Premier reports.

ArmInfo. The World Bank has improved its forecast for GDP growth in Armenia for 2023 from the  previous 4.1% to the updated 4.4% (against the actual 12.6% growth in 2022), expecting an acceleration in 2024 to 4.8% and up to 5%. in 2025). This is noted in the WB's Flagship Report on Global Economic Prospects for June 2023.