Friday, November 4 2011 23:05

European Bank forecasts 3.5% GDP growth for Armenia in 2012


ArmInfo. EBRD forecasts a 3.5% growth of GDP in Armenia in 2012 and 4.5% in 2011, EBRD Vice President Jan Fischer told media, Friday. He said that the forecast is based on the assessment of the current situation in Armenia and global economics. Jan Fischer said that EBRD welcomes the recent reforms in Armenia that boost economy and business environment. However, he said, the authorities yet have many serious issues to settle in the spheres of customs and tax administration, which will help further improve the economic situation and raise foreign investments.

To recall, the EBRD has recently reduced the economic growth forecast for 2011 and 2012 for a number of countries, including Russia.

To note, the Armenian draft budget for 2012 fixes 4.2% growth of GDP, 4.62% growth of the GDP deflator, and 3.1% deficit. In September 2011 vs August 2011 the economic activity of Armenia rose by 17%, and as compared to September 2010 - by 9%. The growth of economic activity in September and the annual growth were mostly due to the growth in agriculture - by 39.8% and 18.6% respectively. At the same time, a big role in the September growth belongs to the construction sector (19.4% growth), and in the annual growth – to the industrial sector (16.6% growth), the National Statistical Service of Armenia reports.
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