News - Finance ministry: Armenia economic growth target will be maintained at 7% level in 2024

The target of economic growth of Armenia in 2024 will be maintained at the level of 7 percent. Minister of Finance Vahe Hovhannisyan announced this during the debates on the draft 2024 state budget at the joint meeting of parliamentary standing committees in the National Assembly of Armenia Monday. At the same time, as the minister noted, the growth of the deflator in 2023 will be at the level of 3.2 percent. "This is, of course, lower than previously planned indicators. However, we do not rule out a return to the 4-percent target," Hovhannisyan added. And as a result of all this, the nominal GDP of Armenia was slightly adjusted. According to the finance minister, the  service sector will continue to be the locomotive of the country’s economic growth, and consumption will remain the driving component. "Increasing investments and exports will also contribute to economic growth," Hovhannisyan noted.