Foreign direct investment into Armenia increased by nearly three times in 2022 year-on-year to almost $1 billion (5% of GDP), while total investments increased to $4.2bln, Economy Minister Vahan Kerobyan said in an interview with Public Television of Armenia (via Arka’am) on Wednesday, June 28.

"And these are just preliminary figures. The final figures, it seems to us, will be higher," said Kerobyan.

Earlier, Armenian Prime Minister Nikol Pashinyan said that according to his data, the preliminary total amount of investments in 2022 grew to 1 trillion 688 billion drams (about 20% of GDP), while FDI almost tripled and to about $1 billion.

According to Kerobyan, there are three factors contributing to growth - reforms designed to improve the business environment and attract fresh investment, the Russian-Ukrainian conflict, and the government's overall economic policy.

"It has been 13 months since the growth of economic activity has been in double-digit, i.e. 10% or more," the minister said.

The Armenian economy expanded by 12.6% in 2022, well above its trend growth of around 4-5%, amid a surge in income, capital and labor from Russia, which in turn boosted domestic demand.