Armenian economic growth reaches 6.4% in Q2, exceeding potential, says Central Bank Governor

p

YEREVAN, September 10. /ARKA/. Armenia's economy grew by 6.4% by the end of the second quarter, surpassing its potential, according to Central Bank Governor Martin Galstyan./pp

We believe this gap is narrowing over time, but we are still in positive territory relative to potential, Galstyan said during a press conference on Tuesday. He added that some short-term factors continue to influence economic growth, raising uncertainty about its long-term stability./pp

The 2024 state budget projects economic growth of 7%. The Central Bank forecasts a 2024 growth range of 6.1-6.8%. According to preliminary official statistics, Armenia's GDP for Q2 2024 increased by 6.4%, reaching approximately 2.3 trillion drams./pp

In late August, the National Statistical Committee revised Armenia's 2023 economic growth figures, reducing the annual growth rate by 0.4 percentage points to 8.3%, and revising Q1 2024 growth down by 2.6 percentage points to 6.6%./p br