The Armenian economy is registering larger-than-planned economic growth. Specifically, 1.2% annual growth has been budgeted this year. However, 6.7% growth was actually registered in the first half of this year.

In such situations, the Government normally revises its growth forecasts. However, at his meeting with journalists on July 23, RA Minister of Finance Tigran Davtyan said: “We are not for frequent revisions of macroeconomic indicators and budget. This year’s forecasts have been especially cautious in hope of better indicators, and our expectations have been justified.” He pointed out the need to make sure that it is a long-term and irreversible process, whereafter macroeconomic forecasts can be revised.

The International Monetary Fund (IMF) revised the economic growth forecasts for Armenia upward, from 1.8% to 4%. The EBRD, in turn,  from 4.5% to 4.6%.