On January 8, Armenian Economy Minister Vahan Kerobyan announced at a press conference that, for the first time, the United States has been included in the list of Armenia’s largest trade partners.

Vahan Kerobyan highlighted that Russia maintains its position as Armenia’s primary trade partner, although its overall share in the trade indicator has slightly diminished. He further noted that the United Arab Emirates (UAE) holds the second position, followed by China, Georgia, and the United States, respectively, on the list of Armenia's largest trade partners.

“Foreign trade in relation to the [country’s] GDP made about 110 percent according to the data of the whole year 2023; this is a record for Armenia. The ratio of exports to GDP will be 54.5 percent, and the government’s objective is 60 percent by 2026,” said the minister. 

During the Monday press conference, Kerobyan also announced a significant decrease in the unemployment rate in Armenia over the past three years. According to data from the second quarter of 2023, the unemployment rate stood at 11.7 percent, compared to 18.2 percent in 2020. He expressed expectations that, with the data from the third and fourth quarters of 2023, the unemployment rate in Armenia would see further reduction.

Armenian Economy Minister predicted that the economic growth in Armenia, based on the data for the whole year of 2023, will be 8.3 to 8.5 percent.

“The objective of the [Armenian] government is to increase this figure to 12 dollars in 2026. GDP per capita will be 8,280 dollars. In 2018, according to this indicator, Armenia ranked 122nd among 196 countries of the world, in 2020 - 112th, and in 2023 - 86th. The indicator of gross investments [in Armenia] increased by 17.5 percent for the first half of 2023,” he noted. 

Kerobyan further pointed out that the poverty level in Armenia had reduced from 26.5 percent to 24.8 percent. He emphasized that in 2023, the country experienced high economic growth coupled with low inflation, giving hope for a substantial further decrease in the poverty indicator.