In the second quarter of 2023, higher than expected economic activity was recorded in Armenia, which continued to be supported by high growth recorded in the construction and service sectors, Central Bank Deputy Governor Armen Nurbekyan said at a press conference.

According to him, the sustained high external demand and the increase of income in the economy contributed to the increase in demand.

“As a result of the significant weakening of the inflationary influence from the external sector, the implemented restraining monetary policy and dram appreciation, the inflationary environment in RA continues to soften at a rapid pace. However, in the conditions of high demand and inflation expectations, the inflation of services and some goods is adjusted at a relatively slow rate,” Nurbekyan said.