The GDP growth in Armenia by the end of 2022 will be rather high, and the economic growth by 2023-2024 is expected to be 4%. The head of the Country Analysis Center of Eurasian Development Bank (EDB) Alexey Kuznetsov stated this during the roundtable organized by Analytical Center for Strategic Research and Initiatives today.

"According to the results of the first half of 2022, Armenia's GDP increased by 11% as a result of consumer growth in the country. The sphere of services added almost 20%, and trade turnover increased up to 10%. These two sectors have provided about 80% of the GDP growth. 

There is a two-fold increase in tourists to the country, including those from Russia (2.5 times). The number of tourists from Russia to Armenia amounted to over 550 thousand people, which is 40% of all tourists visiting Armenia.

In addition, in two months there were record remittances from Russia to Armenia in the amount of $260 million in May and already $460 million in July. The average monthly amount in 2021 was $70mln. In other words, the indicator has increased 6-fold.

Consumer activity in Armenia will continue during the second half of the year, which will support growth of the economy in general," noted Kuznetsov.