According to a new report by the European Bank for Reconstruction and Development (EBRD), Armenia has been able to maintain steady GDP growth in 2019 despite some declines in mining and agriculture, the Voice of America reports. In the current year, according to EBRD, Armenia's GDP has grown by 6%.
As per the report, the decline in the mining industry has caused a certain slowdown in export growth. At the same time, imports from abroad to Armenia increased by 16%. However, in 2019 the exchange rate of the Armenian dram remained stable, with inflation declining from 2.5 to 1.7 percent. It is noteworthy that the Armenian government also managed to improve the fiscal situation during this period by reducing the amount of public debt from about 60% to 55.7% of the GDP.
According to the report, the priority of the new Armenian government is not the high economic growth itself, but its reflection on improving the quality of citizens' real life. In particular, the EBRD attaches importance to the tax reforms being implemented in Armenia and the increase of transparency in this field.
Improvements in public administration, structural change, and the promotion of high-tech and service sectors are intended to ensure sustainable growth in Armenia, according to the report by the EBRD.