High economic activity maintained throughout 2024, says cenbank governor

Central Bank Governor Martin Galstyan on Tuesday credited the high growth in services, construction, and trade for the strong economic activity throughout 2024.
He made the remarks in parliament during a presentation of the Central Bank’s annual report.

“Nonetheless, a certain slowdown was recorded in the second half of the year, and economic growth approached the stable, long-term assessed level, amounting to 5.9% for 2024,” he said.

He noted that a gradual slowdown was recorded in the pace of foreign demand growth, mostly due to a drop in tourism. “Instead, domestic demand was significantly boosted, mainly due to high growth in private consumption, driven by a continuous increase in income and the spending of savings.”

Martin Galstyan stated that by the end of 2024, the 12-month inflation rate was 1.5%, while the 12-month core inflation rate was 0.9%.