Armenia: Partial trade-off between domestic and external borrowing

Armenia's public foreign debt decreased and public domestic debt increased in the first seven months of 2022, leading to a net decrease in total public debt, an Armenian official announced on Facebook.

Chairman of the Financial, Credit and Budgetary Affairs Committee in the Armenian Parliament, Gevorg Papoyan, said:

"The public foreign debt decreased by 585 billion drams, or by 19.7%, while public domestic debt increased by 219 billion drams, or by 17.7%."

The net Armenian public debt decreased by 366 billion drams (approximately $845 million), or by 8.7%.

Papoyan added that 74.6% of the Armenian public debt consisted of foreign debt, while the remaining 25.4% consisted of domestic debt.

Armenia's GDP, on the other hand, increased by 13% in the second quarter of 2022 compared to the same quarter last year, according to a statement by the Prime Minister's Office.

The GDP per capita rose by a significant increase to 641,105 drams, or approximately $1,481.