News - World Bank report: Armenia economic growth slowed down in September compared to previous month

The World Bank (WB) published its report on the economic developments of Armenia in September. Accordingly, in September, the rate of economic growth in the country slowed down to 5.3 percent compared to 10.9 percent in August. As per the WB, this slow growth is mainly due to a sharp decline in services, excluding trade. Inflation stabilized, exports and imports of goods increased by 10% in October and 6% in September, mainly due to exports of precious stones and metals. In September, a budget surplus of 3 billion drams was recorded, which followed the deficit of 25 billion drams in August. Total revenues and grants increased by 9.3% in September compared to the same period last year. According to the WB report, the net cash flows by individuals to Armenia decreased by 69% in September compared to the same period last year. Total remittance inflows fell by 19% in September, while outflows increased by 43%. Most of the inflows (66.3%) were from Russia, while only 12.7% of outflows went to Russia. During the reporting period, the export growth rate exceeded the import growth rate. In October, Armenia's international reserves decreased by $155 million for the second month in a row, reaching $3.8 billion.