On October 31, the Armenian Central Bank predicted 12.9 percent economic growth for this year and 4.5 percent for next year. During the discussion of the draft law on the state budget of 2023.
"The indicator of economic growth next year will be lower than the 7 percent predicted by the Government. We expect 4.5 percent because this year's growth was quite high," Martin Galstyan, the President of the Central Bank, added. According to the President of the Central Bank, in 2023, it is planned to significantly increase the share of capital expenditures in the GDP to 5.9 percent and reduce current spending to 21.9 percent.
"Thus, due to the increase in capital expenditures in 2023, the state budget deficit will increase to 3.1 percent of the GDP, and the fiscal policy will be neutral, contributing to the reduction of the debt burden by a small one percentage point to 49.7 percent," Galstyan concluded.
