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In 2023, the economy grew by 8.7%, which is quite a high indicator. During the last three years, the real growth of the economy of the Republic of Armenia was 29.5%, the average annual growth was 9.8%, which is higher than the target set before us: The Deputy Chair of the RA NA Standing Committee on Economic Affairs Babken Tunyan said this while referring to the economic developments and the indicators of the reporting year.

At the sitting of April 11, the National Assembly continued the debate of the report on the implementation process and the results of the RA Government programme (2021-2026) for 2023.

According to Babken Tunyan, according to last year’s data, economic growth was recorded in almost all the sectors, except for agriculture, where a slight decline was recorded. However, according to the rapporteur, the indicator is to some extent conditioned by the incompleteness of statistical data.

In response to the constant criticisms, Babken Tunyan noted that in December 2023, compared to December of the previous year, inflation was recorded in the amount of 0.6%, and the annual average inflation was 2%. In the same period, the average salary in the RA increased by 14.6%. there was a progressive increase in salaries relative to prices. A progressive growth of exports was also recorded compared to imports. Significant growth was also recorded in the field of tourism. More than 2.3 million tourists visited Armenia in 2023. Labor productivity in the RA has increased 1.5 times over the last three years. The unemployment rate was 12%. Debt/GDP (gross domestic product) ratio was 48% at the end of last year. Touching upon the capital expenditures, the rapporteur mentioned that last year the specified plan of the capital expenditures was 516 billion AMD, the performance was about 96%. “In other words, on the one hand, we raised the threshold of capital expenditures and also ensured higher performance, which means that the potential of our economic growth for the coming years has increased quite a bit,” Babken Tunyan detailed. According to the rapporteur, this process required quite extensive work in terms of both financial and resources.

According to the Deputy Chair of the Committee, despite all this, the economy of the Republic of Armenia has shown high resilience and has been able to properly respond to the existing challenges.

The RA NA Standing Committee on Economic Affairs worked quite effectively with the Government, many legislative initiatives, amendments, addenda were adopted aimed at improving the economic environment. The tax/GDP ratio has improved significantly.

In response to the MP Artur Khachatryan’s observation that the rate of economic growth has slowed down by one third, Babken Tunyan replied: “We have a target set by the Government programme - at least 7% annual economic growth, and we are comparing with it.” The Deputy Chair of the Committee also referred to the issues regarding the decrease of private transfers and the growth of jewelry products. According to his presentation, since the end of last year, the production and export of gold jewelry has increased significantly in the RA.