Armenia’s economic dynamism remains strong
According to the World Bank, Armenia’s economic dynamism remains strong, with growth driven by services and recovery of mining․
The WB notes that the growth of economic activity index reached 10.7% in December 2019, compared to the same period of 2018.
The Bank also notes that in December 2019 Armenia preserved low inflation rate (0.7% against 2018 December), while it slowed even down in January 2020. The inflation of December was driven by 4.6% rise of cigarette prices and 2.3% rise of transpiration expenses. The average annual inflation of 2019 was 1.4% (in 2018 it was 2.5%). The latest data shows that in January there was almost no change of prices and the inflation in January was 0.2% against the same period of 2019.
The monthly update of the WB notes that Armenia recorded 52% growth of imports in Deember 2019 against 13% growth of exports, but at the same time Armenia received by 14.7% more tourists in 2019 against 2017, reaching the number of tourists to 1.9 million.