Friday, April 26 2013 18:06
Armenian Finance Ministry: Slowdown of GDP growth rates in Russia has reduced transfers from Russia to Armenia
ArmInfo. The slowdown of GDP growth rates in Russia has reduced the transfers from Russia to Armenia this year, Vardan Aramyan, Armenian Deputy Minister of Finance, told ArmInfo's correspondent.
He said that in 2012 the growth rates of transfers from Russia to Armenia rose by 8.5% as compared to 2011. Armenia expects the indices of 2013 to exceed the indices of 2012. The reduction in GDP growth rates in Russia was mostly due to some decline in oil prices in the world market, as well as due to the drop of indices in the economy sectors that are not export-oriented. It is this field the Armenian Diaspora representatives are mostly engaged in, Aramyan said. This is why transfer operations from Russia to Armenia have slowed down to some extent, he said.
According to the forecasts of the Central Bank of Armenia, in 2013 economic growth is expected to meet the 4.7-5.7% range (with 30% probability, and the 3.1-7.9% range with 90% probability) against the earlier forecasted 5-6%. This will be ensured due to the 7-9% growth in the industrial sector, 2.5-4.5% growth in the construction sector, 4.2-6.2% growth in services, 2-4% growth in the agrarian sector. The growth of the non-commercial private transfer inflow to the country is expected to slow down to 7-9% against the earlier forecasted 8-10%. The CBA's expectations concerning the transfers are connected with the revision of the Russian economic growth forecasts. For instance, the Organisation for Economic Co-operation and Development expects the Russian economic growth to slow down from 4.1% to 3.8% in 2013. The Armenian state budget 2013 fixes the GDP growth at 6.2%, which will be ensured due to 9.5 growth in industry, 6.5% increase in agriculture, 4.5% growth in services and 2.3% increase in construction.
Earlier the Russian Ministry of Economic Development deteriorated the forecasts for Russia's economic development for 2013 and the following years. Thus, the GDP growth forecast for 2013 was reduced by more than 1% from 3.6% to 2.4%, the forecast for industrial output dropped from 3.6% to 2%, forecasts for investments and basic capital dropped from 6.5% to 4,6%. Russian President Vladimir Putin pointed out the problems connected with the current state of Russian economy and instructed his Assistant for Economic Affairs Elvira Nabiullina and First Vice Premier Igor Shuvalov to prepare suggestions on economic growth stimulation by May 15.
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