Armenia Leads EEU in GDP and industrial growth amid low inflation
p
YEREVAN, August 14. /ARKA/. Armenia is leading the Eurasian Economic Union (EEU) in both GDP and industrial production growth, according to the recent Macroeconomic Review by the Eurasian Development Bank (EDB)./pp
In the first half of 2024, Armenia's real GDP grew by 10.4% compared to the same period in 2023, surpassing Belarus (5%), Kazakhstan (3.3%), Kyrgyzstan (8.1%), Russia (4.7%), and Tajikistan (8.2%)./pp
Armenia also recorded the highest growth in industrial production among EAEU countries, with an 18.2% increase in the first half of 2024 compared to the same period in the previous year. This outpaced Belarus (7.1%), Kazakhstan (2.8%), Kyrgyzstan (1%), Russia (4.4%), and Tajikistan (11.5%)./pp
Armenia reported the lowest inflation rate within the EEU, registering just 0.8% in June 2024 compared to the same month in 2023. Inflation rates in other EEU countries were significantly higher, with Belarus at 5.8%, Kazakhstan at 8.4%, Kyrgyzstan at 4.5%, Russia at 8.6%, and Tajikistan at 3.5%./pp
Additionally, as of August 1, 2024, Armenia boasts the lowest refinancing rate among EEU members at 7.75%. In comparison, Belarus has a rate of 9.50%, Kazakhstan 14.25%, Kyrgyzstan 9.00%, Russia 18.00%, and Tajikistan 9.25%./pp
Armenia’s economic outlook remains strong. The state budget for 2024 projects an economic growth of 7%, while the Central Bank of Armenia (CBA) expects growth between 6.1% and 6.8%. The EDB forecasts a 7.5% GDP growth for Armenia in 2024, with a slight decrease to 4.2% in 2025./pp
Regarding inflation, the Armenian government has set a target of 4% (±1.5%) for 2024. The CBA anticipates inflation to be between 0.9% and 1.3% by the end of 2024, rising to 3.8-3.2% in 2025, and 3.7-4% in 2026. The EDB expects inflation to reach 1.5% by the end of this year./pp
On July 30, 2024, the CBA lowered the refinancing rate for the tenth consecutive time since June 2023, setting it at 7.75%. This was the fifth reduction in 2024 alone./pp
YEREVAN, August 14. /ARKA/. Armenia is leading the Eurasian Economic Union (EEU) in both GDP and industrial production growth, according to the recent Macroeconomic Review by the Eurasian Development Bank (EDB)./pp
In the first half of 2024, Armenia's real GDP grew by 10.4% compared to the same period in 2023, surpassing Belarus (5%), Kazakhstan (3.3%), Kyrgyzstan (8.1%), Russia (4.7%), and Tajikistan (8.2%)./pp
Armenia also recorded the highest growth in industrial production among EAEU countries, with an 18.2% increase in the first half of 2024 compared to the same period in the previous year. This outpaced Belarus (7.1%), Kazakhstan (2.8%), Kyrgyzstan (1%), Russia (4.4%), and Tajikistan (11.5%)./pp
Armenia reported the lowest inflation rate within the EEU, registering just 0.8% in June 2024 compared to the same month in 2023. Inflation rates in other EEU countries were significantly higher, with Belarus at 5.8%, Kazakhstan at 8.4%, Kyrgyzstan at 4.5%, Russia at 8.6%, and Tajikistan at 3.5%./pp
Additionally, as of August 1, 2024, Armenia boasts the lowest refinancing rate among EEU members at 7.75%. In comparison, Belarus has a rate of 9.50%, Kazakhstan 14.25%, Kyrgyzstan 9.00%, Russia 18.00%, and Tajikistan 9.25%./pp
Armenia’s economic outlook remains strong. The state budget for 2024 projects an economic growth of 7%, while the Central Bank of Armenia (CBA) expects growth between 6.1% and 6.8%. The EDB forecasts a 7.5% GDP growth for Armenia in 2024, with a slight decrease to 4.2% in 2025./pp
Regarding inflation, the Armenian government has set a target of 4% (±1.5%) for 2024. The CBA anticipates inflation to be between 0.9% and 1.3% by the end of 2024, rising to 3.8-3.2% in 2025, and 3.7-4% in 2026. The EDB expects inflation to reach 1.5% by the end of this year./pp
On July 30, 2024, the CBA lowered the refinancing rate for the tenth consecutive time since June 2023, setting it at 7.75%. This was the fifth reduction in 2024 alone./p br br br