Fitch leaves Armenia's economic growth forecast unchanged at 6% for 2024, but downgrades it to 4.8% for 2025

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Economy

28.01.2025, 17:07

Fitch Ratings expects Armenia's economic growth to reach 6% in 2024, 4.8% in 2025 and 4.5% in 2026.

Fitch leaves Armenia's economic growth forecast unchanged at 6% for 2024, but downgrades it to 4.8% for 2025

YEREVAN, January 28. /ARKA/. Fitch Ratings expects Armenia's economic growth to reach 6% in 2024, 4.8% in 2025 and 4.5% in 2026.

“We forecast economic growth of 6% in 2024 (from 8.3% in 2023 and 12.6% in 2022) as the spillover effects of a significant increase in migration from Russia and Ukraine, as well as refugee inflows from Nagorno-Karabakh, have weakened,” the ratings agency said in a press release.

Fitch lowered its growth expectations for 2025 to 4.8% from 5.5%, given that the opening of the Amulsar gold mine has been pushed back to at least the fourth quarter of 2025 from the first quarter.

“We expect growth to slow to 4.5% in 2026 as service sector growth may be difficult to sustain and credit growth is slowing, although mining at the Amulsar mine could generate growth,” the agency's analysts said.

Armenia's economic growth is envisioned at 5.1% in the budget for 2025. According to the Central Bank, Armenia's GDP growth in 2025 is expected to be within 7. -0-

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