Caucasus (bbabo.net), - According to preliminary estimates, the growth of gross domestic product in Armenia in 2022 will be 12.5%, Alexey Kuznetsov, head of the Country Analysis Center of the Directorate for Analytical Work of the Eurasian Development Bank (EDB), said, presenting the “Macroeconomic Forecast 2023”, the Armenian media reported today, November 29.
“The economy of Armenia is the leader of growth in the region this year. According to our estimates, GDP growth this year may reach 12.5%. This will be the most rapid growth of the (Armenian) economy, probably in the last 15 years,” Kuznetsov said.
The driver of such impressive economic activity, according to him, was a surge in consumer demand in the Transcaucasian republic. Here, a significant flow of foreigners into the country, primarily from Russia, played a role (2.5 times more than in 2021).
Consumer demand was also supported by a sharp increase in remittances. In the third quarter of 2022, this is an average of approximately $400 million per month - 5 times more than last year.
Consumer demand, according to the EDB, is temporary and will stabilize in 2023. This will allow economic growth in Armenia to reach its balanced annual value of 4-4.5%.
Sharp consumer demand, according to Kuznetsov, dispersed inflation in the republic. However, the inflationary peak (10.3% in annual terms) was passed in June and by the end of the year it is expected that the growth of the consumer price index (CPI) will be 9.5%.
The gradual decline in the CPI will continue in 2023 and approach the value of 4%.
According to the data for the third quarter of 2022, Armenia's GDP grew by 14.8% in annual terms. At the same time, the largest growth was provided by the sphere of information and communications, the smallest - by the sphere of education, media outlets of the republic note on Tuesday.
As reported by bbabo.net, earlier the EDB named the main drivers of economic activity in Armenia.