Friday, March 28 2014 21:06

Central Bank of Armenia expects export growth to accelerate in 2014


ArmInfo. The Central Bank of Armenia (CBA) expects export growth to accelerate in 2014. The CBA's monetary policy program for Q1 2014 says that in 2014 exports of commodities and services will grow by 11-13% versus the previously expected 9-11%.

The source says that the CBA's new forecast is based on expectations from the global economy and supposed growth in mining and metallurgy due to development of the Teghut deposit.

The CBA is still expecting the imports of commodities and services to grow by 3-5% due to recovery of private investment and expansion of the fiscal policy.

The CBA expects the current account deficit in GDP to decline to 7-8%, and to 5-6% in the mid-term outlook.

According to the National Statistical Service of Armenia, in 2013 Armenia's foreign trade turnover totaled $6 bln (2.4 trillion AMD), 5.6% more than in 2012. Exports amounted to $1.5 bln (606 bln AMD), 7.2% more than in 2012. Imports totaled $4.5 bln (1.8 trillion AMD), 5% more than in 2012. The unfavorable balance of Armenia's foreign trade turnover made up $3 bln (1.226 trillion AMD), 4% more than in 2012.
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