Armenia’s GDP growth hit 8.7% last year, buoyed by a 17.9% increase in public spending, particularly following the Q3 2023 crisis. Investment also rose by 14.4%, while private spending saw a 6.3% increase. The net export contribution remained neutral due to a proportional rise in exports and imports. The economic boost is attributed to the reverse flow of capital/population from Russia in the second half of 2023 and the influx from the Karabakh region.