Rise in global metal prices boosted Armenia's economic activity, minister says

The increase in global metal prices significantly boosted economic activity in Armenia in 2021, Minister of Finance Tigran Khachatryan said in the parliament on Wednesday, presenting a budget execution report for 2021.

He said global copper prices rose by 51% last year against 2020, while molybdenum prices grew by 83%.

The minister noted that the rise in oil prices had a restraining impact on Armenia’s economic activity. In 2021, oil prices were 67% higher than in 2020, he added.

Last year, inflation stood at 7.7%, which was driven largely by the increase in prices for food and non-alcoholic beverages.

Also, Khachatryan said remittances coming mainly from the United States and Russia grew by 24% last year.