The index of economic activity in January-September in Armenia has grown by 9.7%, and the main growth was achieved through the service sector, Finance Minister Vahe Hovhannisyan said at a joint meeting of the standing committees of the National Assembly of Armenia on 30 October 30 during the preliminary discussion of the draft state budget for 2024.
At the same time, according to the minister, in 2023 exports managed to grow by 48%, mainly due to re-export to the Russian Federation, although exports of local products decreased by 0.8%.
Vahe Hovhannisyan also said that in 2024 the reserve fund of the republic will be increased by 3%, in view of the expected challenges. In particular, a continued decline in economic growth in partner countries is expected, as well as a decline in prices for minerals, including copper (1.9%) and food (2.8%).
It is also envisaged to reduce the flow of remittances, especially between individuals.
While a decline is expected in the field of exports and remittances, in the tourism sector Yerevan expects an increase, with projected flows of 2 million 570 thousand drams.
According to the minister, the draft budget for 2024 continues to focus on 7% economic growth. At the same time, Hovhannisyan added that in order to maintain GDP growth rates, it is necessary to accelerate reforms in economic policy and give new impetus to changes in the investment climate, especially in the processing industry.
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