Armenia experienced GDP growth of 11 percent during the first half of 2022 compared to the same period in 2021. This strong growth performance was mostly driven by growth in services, particularly tourism, finance, and IT. High demand, along with elevated international food and fuel commodity prices, pushed Inflation to 10.3 percent in June 2022, with food and fuel price increases accounting for two-thirds of total inflation. The budget balance has also fared better than expected. Along with strong economic performance, the budget revenue collection overperformed by 7 percent.