News - Central Bank governor: Armenia economy growth potential has increased

The growth potential of Armenia's economy has increased. Governor of the Central Bank of Armenia (CBA), Martin Galstyan, told this to a press conference Tuesday. He noted that capital expenditures can contribute to capacity growth. Galstyan added that quite considerable funds were earmarked by the Armenian state for these objectives, and the level of spending is approximately 85 percent. The CBA chief recalled that as of November 2023, economic activity increased by 9.4 percent in Armenia. "In Armenia, the industry increased by 2.1 percent, a 0.7-percent drop was recorded in the agricultural sector, the construction sector increased by 15.6 percent, trade—by 24.3 percent, services—by 11.1 percent," he said. According to Galstyan, the considerable increase in Armenia’s trade may be related to the increase in demand, which was caused by the forcibly displaced Armenians from Nagorno-Karabakh, as well as the increase in online trade.