Friday, November 5 2010 17:09

Armenia's Central Bank revises economic growth forecast for 2010 to 2.4-2.7%


ArmInfo. The Central Bank of Armenia has revised the economic growth forecast for 2010 to 2.4-2.7% and for Jan-Sept 2011 to 4-5%.

According to the CB's monetary-credit policy for Q4 2010, there are both external and internal risks with growth factors prevailing.

Industry is the only sector where there will be decline. As a result, added value in industry will grow by 6.5-8.5% by the end of this year and by 5-7% in Jan-Sept 2011. In capital construction there will also be decline with added value dropping by 0.5-2.5% by the end of 2010 and by 2.5-4% in Jan-Sept 2011. In agriculture added value will drop by 13-16% by the end of 2010 and by 7-9% in Jan-Sept 2011.

According to the National Statistical Service of Armenia, in Jan-Sept 2010 as compared with Jan-Sept 2009 Armenia's GDP grew by 2.8% to 2,386bln AMD or $6.3bln. The GDP index deflator grew by 9.8%. Industry showed 10.9% growth, services - 7.4% growth, while agriculture and construction experienced decline - 17.9% and 5.2%, respectively.
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