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The Armenian Ministry of Economy seeks to ensure over 6% growth this year, more than the projected 5,1% in the budget, Minister Gevorg Papoyan has said.
In an interview with Armenpress, Papoyan spoke about the economic developments in the country.
He lauded the growth in December 2024, stressing that securing growth against the figure of November-December 2023 had seemed unimaginable due because that period saw the highest gold exports and reexports. “It is considered something like a heroism because securing growth against high figures is very difficult. Indeed, we had some difficulties in November, we only had 1,5% economic activity growth, but in December we had 4,7% economic activity growth,” Papoyan said, lauding the yearend results.
Despite the 2025 projection of 5,1% growth, the ministry aims to secure at least 6%.
“We have set a target of 6 or more percent,” Papoyan said.
Speaking about the growth structure, Papoyan said construction will likely remain at the top with around 6,2%.
5,2% growth is expected in manufacturing and services.
He stressed the importance of domestic economic diversification, when growth doesn’t depend only on one sector.
In the context of the latest EU accession processes, asked whether it is possible to concurrently be a member of both the Eurasian Economic Union (EEU) and the EU, Papoyan said, “It is difficult to imagine the combination. I don’t think there is such a mechanism. At this moment we don’t have an issue of leaving the EEU on the agenda. We don’t have that agenda item and we continue to actively work with our partners in all EEU platforms.”
Armenia has been taking practical steps in the direction of EU standard compliance, he said.
A laboratory was recently opened, and the economy is being modernized.
Papoyan said there are already many Armenian products that meet the highest EU standards, but the problem is often in quantity.
