Armenian exports, re-exports to Russia grow 187%

YEREVAN, JUNE 12, ARMENPRESS. Exports from Armenia to Russia grew 187% in 2022, with most of the figure comprising re-exports, Finance Minister of Armenia Vahe Hovhannisyan said Monday.

“In 2022 we had a 187% growth in exports compared to 2021 towards Russia. Re-exports make up most of it. The exports of Armenian-made products contributed by 47 percentage points,” Hovhannisyan told lawmakers at the Financial-Credit and Budgetary Affairs Committee during debates on approving the 2022 state budget report.

Tourism grew 90,2%.

A growth in financial transfers in 2022 also contributed to dram valuation, he added.

“As a result, a 12,6% economic growth was recorded, although we had predicted 11%, while the target in 2022 was 7% in line with the government program. As a result, the nominal GDP comprises around 8,5 trillion drams, which is 1,5 trillion more compared to the 2021 factual figure,” the minister said.