On October 2, the Eurasian Development Bank (EDB) stated that economic activity in Armenia increased by 10.4% in January-August of this year in annual terms. The economy of Armenia continued to be supported by the sectors of services (+14.8% yoy), trade (+23.1% yoy), and construction (+17.3% yoy). 

Industrial production declined by 0.1% yoy in January - August, mainly due to the decline in the mining sector. Export shipments of goods slowed down. According to the results of January-August, for the first time in a year, the growth of imports outpaced the growth of exports (53.8% yoy and 51.8% yoy, respectively). "The steady expansion of imports is connected with the growth of domestic demand and the strengthening of the Armenian dram," the EDB stated.

Armenia's economic growth in the state budget 2023 is envisaged at 7%, and inflation is envisaged at 4% (±1.5%). A deflation of 0.2% was registered in the country in August 2023 compared to August last year. 

According to the September forecast of the Central Bank of the Republic, the Armenian economy will grow by 7.2% this year.