Due to the instability around Iran, Armenia has experienced and continues to experience problems with logistics, as well as with energy prices, deputy governor of the Central Bank of Armenia (CBA), Hovhannes Khachatryan, told a press conference Tuesday.

On the other hand, he said, a redirection of tourist flows has been recorded from the Middle East to the South Caucasus. Khachatryan added that a sharp increase was recorded in Armenia’s tourism sector in May.

According to his forecasts, in the event of an increase in tourist flows to Armenia, salaries in the country’s restaurant and hotel businesses may increase. Khachatryan explained that export restrictions imposed on Armenia by Russia have been in effect for two months, and they have affected Armenia's economic indicators.

The CBA deputy governor emphasized that the risks to Armenia’s GDP in this regard are estimated at 1.5 to 2 percent, with tens of thousands of economic entities and farmers of Armenia engaged in the sectors under restrictions.

“At the same time, high economic indicators were recorded [in Armenia] in June and July, as other sectors of the [country’s] economy, such as construction and the service sector, continue to grow at high rates,” he added. In his assessment, if there were no restrictions on Armenia’s exports to the Russian market, Armenia would most likely have experienced high inflation in seasonal products. Khachatryan added that a 10 percent drop in prices is observed in Armenia’s fish market.