Monday, December 3 2012 21:07

Central Bank forecasts 5-6% economic growth in Armenia for 2013


ArmInfo. The Central Bank of Armenia (CBA) forecasts 5-6% economic growth in Armenia for 2013, the CBA's program of monetary policy for Q4 2012 says.

The source says that the given forecast is based on the growth of production capacities of enterprises, enhancement of investment attractiveness amid the optimistic expectations from the domestic economic growth, as well as continued restoration of the domestic demand.

In 2013 the CBA expects 8-10% growth in the industrial sector at the expense of the fields with strong export potential (ore mining industry, metallurgy, production of food products and drinks, pharmacy, lapidary sphere, energy). Moreover, the growth rates are expected to accelerate due to the expected enhancement of the growth rates of both the world economy and Armenia's economy.

Construction will grow by 2.5-4.5% due to growing construction activities in power engineering, agriculture and processing. The growth may be even higher due to big road construction and infrastructure improvement projects.

Services will grow by 4.5-6.5% due to transport and communication, financial intermediation and tourism.

Agriculture will grow by 2-4%, with the deadlines for the return on investment extended.

The draft national budget 2013 envisages 6.2% GDP growth due to 9.5% growth in industry, 6.5% growth in agriculture and 4.5% growth in services. This year GDP is expected to grow by 7.1%.
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