The European Bank for Reconstruction and Development (EBRD) issued the updated Regional Economic Prospects forecast.

According to it, growth in the first quarter of 2023 in Armenia stood at a strong 12.2%, “but signs of moderation are gradually emerging.”
 
“Last year Armenia’s economy grew by 14.2%, manufacturing sector by 7.8% and services by 28.2%. Construction and trade also grew in double digits.
 
The economy benefitted from capital inflows and exceptional growth in non-resident demand for information, communication and tourism-related services. The net inflow of money transfers almost doubled due to nearly seven-fold increase in transfers from Russian citizens coming to Armenia,” the report says.
 
It notes that monetary tightening and exchange rate during 2022 tamed the inflation which subsided to 5.4% in March 2023.

“The EBRD expects Armenia’s growth to moderate to 5 per cent in 2023 and 2024, with significant risks to the growth stemming from geopolitical turbulences,” the report reads.