ArmInfo. According to the  forecasts of the State Revenue Committee of the Republic of Armenia,  according to the results of last year, a significant improvement in  the ratio of taxes to GDP in Armenia will be recorded. The head of  the department, Rustam Badasyan, stated on January 4 in a  conversation with reporters.

ArmInfo. Armenia will close 2023  with GDP growth in the range of 8- 8.5%, instead of the 7% planned by  the state budget and the 7.2% expected by the budget for 2024. At the  same time, the country's GDP generation potential, as before, does  not exceed 5%, Armenia's former minister of finance Vardan Aramyan  told ArmInfo. 

ArmInfo. In 2024, it will be  possible to import 7,400 electric vehicles into Armenia with zero  customs duty. The decision to apply tariff benefits to electric  vehicles imported into the territory of the Republic of Armenia was  made on December 28 at a government meeting.  The rationale for the  decision states that during the Eurasian Intergovernmental Council,  an agreement was reached to extend the exemption for the import of  electric vehicles for another two years. In Armenia in 2024-2025, a  tariff quota will be established for 8,000 vehicles with an electric  motor during the year. The remaining 600 units of electric vehicles  are planned to be kept in reserve.

ArmInfo. The Central Bank of Armenia forecasts a decline in export and import volumes by 9.5% and 7.3% for 2024, after a sharp slowdown in growth in 2023 to 22.1- 30% (from 77.7-63.5% in 2022) . But according to the Central Bank's forecast, both exports and imports will grow by 2.6% and 3.2% in 2025. This is noted in the Central Bank's Monetary Policy Program (MPP) for Q4 2023, published at the end of December, where GDP growth expectations for 2023 indicate a less noticeable slowdown in rates to 8.3% (from 12.6% in 2022) and further to 6.1% in 2024 and 5.7% in 2025.

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ArmInfo. The experience  gathered by Armenia over the past 2 years in the field of re-export  with Russia may be beneficial for Armenia in the context of  developing relations with Iran. Aram Safaryan, director of the Center  for Russian Studies at Yerevan State University  and coordinator of  the Eurasian Expert Club, said this at a press conference Tuesday.

ArmInfo. Armenia will remain leader in terms of economic growth in the Eurasian Economic Union (EAEU) next year, according to a forecast by the Eurasian Development Bank (EDB).

ArmInfo. In Armenia, the price  index of industrial products decreased in January-November 2023  compared to the same period in 2022 to 101.7% from last year's  102.9%. This was observed against the backdrop of a slowdown in  annual growth in the industrial sector from 8.4% to 2.1% - to 2.4  trillion drams ($6.2 billion).

ArmInfo. In Armenia, the  growth of economic activity in January-November 2023 slowed to 9.4%  per annum (from last year's 14.4%), accompanied by a very noticeable  slowdown in the upward dynamics of exports and imports.

ArmInfo. Representatives of Armenian fish farms, outraged by the new demands of the authorities to install closed circulation systems at the artesian wells of the Ararat Valley, this time gathered near the government building. They demand a meeting with the prime minister or deputy prime minister of the country.

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ArmInfo. Armenia will extend the ban on scrap metal exports for six months, which expires on January 28, 2024. A resolution extending the ban until July 28, January 2024 was adopted at a meeting of the government of the republic on December 21.

ArmInfo. Armenia will extend restrictions on the import of cement and clinker from third countries for another six months.

ArmInfo. Trade turnover between Armenia and the EAEU countries increased by 41% this year. Armenian Minister of Economy Vahan Kerobyan stated  on December 18 during a briefing for journalists. "We think that trade turnover will also grow in the coming years. For all that, our government is making great efforts and investing a lot to diversify foreign trade," he said.

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ArmInfo. Japan has introduced a new package of anti- Russian sanctions, which includes a  ban on imports of non-industrial Russian diamonds, export restrictions, and asset freezes, the country's Ministry of Economy and Trade said.

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) forecasts per capita GDP growth in Armenia in 2023 to $8,029 (from actual $6,569 in 2022), with further y-o-y increases to $8,352 in 2024 and $8,967 in 2025. IMF reports, also providing an improved forecast for Armenia's GDP growth for 2023 from the previous 5.5% to an updated 7%, with a slowdown to 5% in 2024 and to 4.5% in 2025.