The World Bank published the report on the economic developments of Armenia in September, according to which, in September 2023, the rate of economic growth in Armenia slowed down to 5.3 percent compared to 10.9 percent in August.
According to the WB, the slow growth is mainly caused by a sharp decline in services, except for 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.
A budget surplus of 3 billion drams was recorded in September, which followed a 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 of individuals in Armenia decreased by 69% compared to the same period of the previous year .3 percent) were from Russia, while Russia accounted for only 12.7 percent of the outflow.
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.