Armenia's economy will grow by 7% in 2023, Armenian Minister of Finance Tigran Khachatryan said on Monday.

His remarks came at the joint session of the parliamentary committees at the National Assembly of Armenia during the debates on the 2023 draft state budget.

A growth of 11% is planned by the results of 2022. According to the Minister, the main growth sector will be providing services. Nevertheless, the construction and industrial sectors will also grow and remain active.

"The budget deficit in 2023 will have to be 3.1% of GDP, which is much lower than in 2021-2022," he added.