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March 28
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Armenia expects real growth exceeding 13.2% of gross domestic product by the end of 2022, the Armenian Minister of Finance Tigran Khachatryan said Thursday.

His remarks came at the sitting of the parliamentary standing committee on financial-credit and budgetary issues in the National Assembly during the debates on the report on the state budget for 9 months of 2022.

The Minister first of all touched upon the macroeconomic development. So, during the first 3 quarters of this year there was a gradual decrease of economic activity indices. It especially referred to those economies, which are traditionally regarded as Armenia's main trade partners.

Metal prices, in international markets, also had an impact on economic activity in Armenia.

"The profitability of Armenia's economy is particularly well influenced by the dynamics of world copper and molybdenum prices. World oil prices have the opposite effect. Their increase has a negative impact on economic activity in Armenia, leading to an increase in costs. The average prices in January-September this year were 54% higher than in the same period last year. For instance, food prices went up by 19.5% for 9 months, which had a negative effect from the consumption point of view. Nevertheless, from the point of view of producers, there was a positive effect. There are mainly negative trends in the world. But in case of the Armenian economy, it has a somewhat different manifestation. During the past 9 months, economic activity made 14.1%, and GDP growth was 12.6%," Khachatryan noted.

According to the representative of the Armenian government, trade with Russia, tourism statistics and significant growth in net remittances from Russia had a positive impact on Armenia's economic development.

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