Armenia’s 2017 economic growth was the highest compared to the previous couple of years, the president of the Central Bank said today, attributing the positive dynamics to both internal and external factors.
Commenting on last year’s budget execution in a parliament speech, Artur Javadyan cited the economic growth in partner countries as a major contributing factor.
He also highlighted the increased remittances from Russia, noting that their re-established volumes accounted for 75% of the total foreign transfers (which he said increased by 14.6% in 2017).
Javadyan added that the Central Bank met the targets of its budgetary expenses by 90%.
As for the price surge, he added that they observed the estimated 2.6% dynamics. “The low price surge may contribute to a decrease in the market interest rates. Under conditions of a high economic activity, the state budget revenues and the grants increased essentially,” the Central Bank’s president noted.
Javadyan said they additionally expect the continued implementation of economic projects to stabilize the expected growth. “Considering the priority of a high and sustainable economic growth in the long-run, we attach importance to boosting [foreign] investments,” he added.
Tigranuhi Martirosyan
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