Armenia sees economic risk as Russia curbs certain imports

Restrictions introduced by Russia on the import of certain Armenian products affect goods whose total trade revenue accounts for 1.5–2% of Armenia’s GDP.

This was stated at a press conference following a Central Bank of Armenia meeting by Vazgen Poghosyan, head of the bank’s Monetary Policy Department, Caliber.Az reports, citing Russian media.

“At present, the situation we have with goods whose exports are experiencing problems <...> shows that revenues from these goods account for approximately 1.5–2% of GDP. The total volume of our exports to Russia is about 6% of GDP,” he said.

Central Bank Governor Martin Galstyan, in turn, noted that if the country fails to redirect its exports to other markets, it could lead to deflation of around 0.6%.

By Vafa Guliyeva