In 2017, Armenia’s economic growth totaled 7.5%, though 3.2% was envisaged.

Minister of Finance Atom Janjughazyan on Wednesday noted the aforesaid at the National Assembly, as he presented the report on the “performance” of the 2017 State Budget of Armenia.

In his words, the acceleration of economic growth rates in Armenia’s partner countries—especially in Russia, the rise in metal prices, the increase in remittances from Russia, the rise in the amount of loans, and the positive expectations by the population and businesses had had an impact on recording such an indicator.

As per Janjughazyan, economic growth in Armenia is about double the economic growths that were recorded both in global economy and in the other Eurasian Economic Union (EAEU) countries—Russia, Belarus, Kazakhstan, and Kyrgyzstan.

Also, the finance minister informed that in 2017, the average inflation rate in Armenia was 1%, the average monthly salary was 195,000 drams (approx. $400), and unemployment dropped by 0.2% and was 17.8%.

“The current account deficit made up 3.5 percent of the GDP, and it is approaching the long-term stable level,” he added. “Exports grew by 21.2%, while imports by 28.8%.

“Foreign trade increased by 26.9%, over the previous year, and made up $6.4 billion.”