High-Tech sector to become largest branch of Armenian economy in 3-4 years, says Minister

YEREVAN, OCTOBER 5, ARMENPRESS. The high-tech sector in the Armenian economy has nearly 5% share of the GDP, the sector is growing every year and next year the share is expected to significantly increase, the Minister of Economy Vahan Kerobyan told ARMENPRESS during the Global Innovation Forum 2022 in Yerevan.

“The sector is growing every year by 20-30%, this year we think it could increase its share in the GDP by up to 50%. We think that in 3-4 years it will become the largest branch in the economy, bigger than mining and process manufacturing and others,” Kerobyan said.

“The average salary in the sector is 1,1 million drams when overall the average salary in Armenia is 4 times lower,” Kerobyan said, pointing to the high productivity of the sector.

Speaking about industry, Kerobyan said that process manufacturing should become 16,5% of the GDP, a goal included in the government action plan. He said that a rapid growth is seen over the past years. Process manufacturing is expected to record nearly 20% growth by yearend.