Armenia's Economic Growth Linked to EAEU Cooperation, Says Kremlin Aide
Armenia receives numerous benefits from cooperation in EAEU — Kremlin aide
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Armenia has significantly benefited from its membership in the Eurasian Economic Union (EAEU), with GDP per capita nearly doubling since 2014, according to Russian Presidential Aide Yury Ushakov. Key metrics show a tenfold increase in exports to EAEU countries and substantial growth in GDP and wages.
- 01Armenia's GDP per capita increased from $11.6 billion to $20.2 billion since joining the EAEU.
- 02Real wages in Armenia have risen by 50% due to EAEU integration.
- 03Exports to EAEU countries have surged tenfold, while imports have increased by 4.5 times.
- 04In 2022, Armenia's GDP grew by 12.6%, with projected growth rates of 8.7% in 2023 and 5.9% in 2024.
- 05EAEU countries accounted for 38.5% of Armenia's total exports last year.
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During a briefing, Russian Presidential Aide Yury Ushakov highlighted the substantial economic advantages Armenia has gained from its participation in the Eurasian Economic Union (EAEU). Since Armenia joined the EAEU, its GDP per capita has nearly doubled from $11.6 billion to $20.2 billion. Ushakov noted that real wages have increased by 50%, and Armenia's exports to EAEU member states have skyrocketed tenfold, while imports have grown 4.5-fold. In 2022, Armenia experienced a remarkable GDP growth of 12.6%, with forecasts of 8.7% for 2023 and 5.9% for 2024. The EAEU has become a crucial trading partner for Armenia, with its member countries, primarily Russia, accounting for 38.5% of Armenia's total exports and 37.5% of its overall foreign trade last year. Ushakov indicated that discussions regarding the future of Armenia's relations within the EAEU will take place during an upcoming closed meeting.
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The economic benefits from EAEU membership have led to increased living standards and trade opportunities for Armenia.
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