Tuesday, June 11 2013 18:55

Armenia's Central Bank forecasts 8% inflation and 4% economic growth by mid 2014


ArmInfo. Following the rise in gas and electric power prices and the damage caused to farms by the May storms, Armenia's Central Bank has revised its outlook for 2013-2014. Now it forecasts 8% inflation in mid 2014 and 4% economic growth in early 2014.

According to the Head of the CB's Monetary Policy Department Artur Stepanyan, this will be due mostly to growing gas and electric power bills. "The bills already have as much as 10.5% in the consumer basket. As a result, prices are growing despite our monetary and taxation reforms. So, the only solution here is to increase the minimum wage and to provide the most needy with social assistance," Stepanyan said.

According to the National Statistical Service of Armenia, in Jan-May 2013 Armenia registered 1.8% inflation. Economic activity in Jan-Apr 2013 grew by 7.4%. In 2012 GDP grew by 7.2%, with inflation averaging 3.2%.
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