YEREVAN. – If we look at the main key indicators, then 2019 was quite good in terms of economic growth, starting from the indicator of economic growth: 7.6%. Babken Tunyan, chairman of the Standing Committee on Economic Affairs of the National Assembly of Armenia, said this today at the discussion on the country’s economic output in 2019 and the economic challenges for 2020.
According to him, this is the highest rate recorded in the last ten years, and the country is the leader in the region in this respect.
But he noted that there is room for improvement in the structure of economic growth and the government was moving in that direction. “When we look at this growth being ensured mainly on the account of which branches, (…), based on official data, we see that the processing industry has contributed the most to economic growth,” Tunyan said. "The financial and insurance services sector is in second place, whereas the specific gaming sector, (...), has contributed to economic growth by about half a percentage point."
The MP added that certain steps were also taken during the year—in particular, amendments to the Tax Code, raising the minimum wage, as well as raising the threshold of microbusiness—the effectiveness of which will be visible from the beginning of this year.