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The Minister of Economy Vahan Kerobyan presented the report on the economy on the process and results of the RA Government programme implementation (2021-2026) in 2022 at March 15 sitting of the NA Standing Committee on Economic Affairs.

According to the results of 2022, the highest economic indicators were recorded in Armenia in the last 15 years: the economic growth was 12.6%. The gross domestic product (GDP) was 8.496.777.9 million AMD at current prices, at average annual prices of the previous year – 7.865.923.1 million AMD.

According to the Minister, due to the high rate of export growth, the service export/GDP ratio in 2022 was 47.07 %. “This is a record high index,” Vahan Kerobyan said. Compared to the previous year, the increase was 12.3 %.

Vahan Kerobyan stated that 50 investment projects are currently under debate.

According to the Minister, legislative reforms have been implemented in the business environment.

Achievements were also registered in the field of tourism. In 2023, 220.000 tourists have already visited Armenia.

Improved income tax and value added tax refund systems have played a significant role in economic success.

In 2022, the number of registered jobs continued to grow. In particular, in December of the financial year, according to the data of the State Revenue Committee (SRC), an absolute record of workplaces in the history of the RA was registered: 704 thousand workplaces. This is about 45 thousand or 6.8 % more than the same index of December 2021.

In the second quarter of 2022, the unemployment rate decreased to 13 %, compared to 15.2 % in the second quarter of 2021, the annual average of 15.5 % in 2021, and the annual average of 19 % in 2018. In the third quarter of 2022, the unemployment rate was 11.6 %, the lowest index over the past 14 years.

The Head of the SRC Rustam Badasyan informed that in 2022 the revenues of the state budget amounted to one trillion 926 billion AMD, which is 339 billion more compared to the previous year. According to Rustam Badasyan, all this had a positive impact on the business environment. The returnability of the mortgage program also promoted this.

The number of workplaces was 704 thousand, and the settlement documents provided a circulation of 10 million dollars. The Head of the SRC spoke about the reforms implemented in the sector, especially the management and administration reforms in the tax and customs spheres were highlighted.

It was noted that the total amount of taxes paid by 1000 large taxpayers was about 1.5 trillion AMD or about 78 % of the total tax revenues, which is 32 % more than the corresponding indicator of the previous year.

The rate in 2022 is incomparably higher not only in comparison to 2021, but also to the period preceding it, including the most favorable or pre-crisis period in economic terms. The total volume of tax payments for 100 large taxpayers increased by 212.3 billion AMD or 32 %.