Armenia is set to experience significant economic growth in 2023, with a projected rate of around 8 percent, according to the Minister of Finance, Vache Hovhannisyan. The Minister declared that the financial year has been a success, with plans for certain changes in the upcoming year. Notably, certain activities will no longer be subject to micro-enterprise tax in the tax system. Additionally, starting from 2024, individuals with employment contracts will be required to submit income declarations, with the 2024 declaration being presented in 2025.

In an interview with Arminpress, Minister Vache Hovhannisyan discussed the financial year and highlighted the key indicators for 2024. He emphasized that 2023 has been a successful year in terms of financial performance, surpassing tax collection expectations. The management program initiated in 2022 will be sustained, along with the continuous increase in capital expenditures in 2024.

The Minister confidently stated, “We anticipate economic growth of approximately 8 percent in 2023. This growth will persist in 2024, maintaining a positive trajectory.”

Expanding on the period of economic growth, Minister Hovhannisyan explained that the upward trend observed in 2022 has carried over into 2023, demonstrating even stronger growth rates. He noted, “We already anticipate economic growth of around 8 percent in 2023, which is higher than our expectations from just a month ago.”

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