Armenia finance minister: 7.5% economic growth recorded in 2017

In 2017, a 3.2% economic growth was expected in Armenia, but a 7.5% growth was recorded.

Newly appointed Minister of Finance Atom Janjughazyan on Tuesday stated the aforesaid during the debates at the joint meeting of the committees of the National Assembly, and devoted to the “performance” of the 2017 State Budget.

In his words, the dynamics of world copper prices, the positive dynamics of world oil prices, the growth of private remittances, and the growing trade with and direct investments from Russia had a positive impact on Armenia’s macroeconomic climate in the year past.

The minister added that the country’s deflator was 2.2%, and the average inflation—1% in 2017.

Also, as per Janjughazyan, the specified budget expenditure of Armenia totaled around 1 trillion and 561 billion drams, the budget revenues—1 trillion and 320 billion drams, and the budget deficit went up from 150 billion drams to 240.2 billion drams in the year past.

At present, US$1 is equivalent to approximately 483 drams.