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In 2019, Armenia saw the highest economic growth in the region, accompanied by the development of various economic sectors and low inflation, Prime Minister Nikol Pashinyan said at the parliament on Wednesday, presenting the report on the implementation and outcomes of the government's 2019 action plan.

According to Pashinyan, one of the biggest achievements of the year was the 12% growth recorded in the processing industry, making it the leading branch of the country’s economy.

The premier said that in 2019 the highest economic growth was registered in the field of accommodation and public catering services which saw an increase of 27.2% from 2018, while in 2019 the number of tourists visiting Armenia increased by 14.7%.

"The exports of goods and services from Armenia increased by 10.3% in 2019, with a strong growth recorded in the exports of brandy (29.4%), fruit wine (70.2%), grape wine (25.3%) and products of plant origin (14.3%),” Pashinyan said.

He highlighted that the exports of medium-tech products increased by 26.9%, while the exports of high-tech products grew by 13.3%.

"Thus, we have embarked on a path to become an exporter,” he said.

Also, Pashinyan said that in January-September 2019, the foreign investments amounted to $2.2 billion, up by $465 million from the same period of the previous year.

"In 2018-2019, the government succeeded in increasing the state budget tax revenue declaration by 505 billion drams, which is more than $1 billion. In this respect, the budget figures increased by 43.6%. That is, the state budget revenues grew by 43.6% in 1.5 years,” the PM stressed.

In Pashinyan’s words, the previous obligations to taxpayers were reduced by 199.1 billion drams, the issue of overpayments was resolved, while the remaining 306 billion drams were added to budgetary tax revenues and used for specific purposes.