Armenian Economy Showing a Higher than Expected Growth
At Kingsmen Investments, we have recently shared many articles covering the investments made in various sectors in Armenia that show the positive trend in the growth rates of the country.
The volume of foreign investments, the variety of projects implemented in agricultural and energy sectors, and many other indicators made us assume the country will record a hockey-stick increase in the rate of economic activity.
Central Bank Chairmen Martin Galstyan confirmed our forecasts in a news conference on the 3rd of August.
The chairmen mentioned that this trend is mainly due to the positive developments in the agricultural and services sectors.
He further noted that not only has private consumption grown, but also the country has received higher than expected remittances this year. Besides, there has been a rapid growth of external demand. The latter is also reflected in the continuous improvement of Armenia’s external balance.
The head of the monetary policy department of the Central Bank Hayk Avetisyan noted that remittances from the United States of America are larger than expected and remittances from Russia have increased in line with the regulator’s expectations.
According to the Union of Banks of Armenia, individual money transfers to Armenia in the first quarter of 2021 grew from $52 million to $406 million. An amount of $154 million came from Russia, another $118 million came from the United States, $13 million from Kazakhstan, $15 million from Germany, $12 million from France, and smaller amounts from other countries.
Executive Director of the Union of Banks of Armenia (UBA) Seyran Sargsyan also noted that money transfers from Armenia to other countries in the first quarter increased from $10 million to $277 million. $86 million were remitted to Russia, $44 million to the United States, and smaller amounts to other countries.
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