Import and export growth rates in Armenia to be restored in 2017

ArmInfo. In 2017 Armenia's  payment deficit will not exceed the critical 4% and will make up  3.4%, according to the draft state budget of 2017.   

According to the previous assessment of Finance Minister Vardan  Aramyan, such a "stable indicator" of the deficit of the current  account of Armenia's balance of payments means that the republic does  not experience any serious shocks. Over the past few years, the  deficit on the current account of balance of payments has  considerably declined - in 2015 it made up 2.7% of GDP versus 7.6% a  year before. This indicator is expected to make up 2.8% in late 2016,  and 3.4% in 2017.  

In Jan-Aug 2016 versus Jan-Aug 2015, Armenia's foreign trade turnover  grew by 4.6% ($3114.7 mln). In 2017, import growth rates in Armenia  will be restored and will make up 6%. According to the draft budget  of 2017, the growth will be mostly due to development of the  country's foreign economy and operable income growth. Armenia also  expects export growth, which will make up 7% in USD terms. 

According to the Armenian National Statistical Service, in Jan-Sept  2016 the foreign trade turnover of Armenia amounted to 1724.7 bln AMD  ($3588.1 mln); export - 621.4 bln AMD ($1293.1 mln), import - 1103.3  bln AMD ($2295 mln), with the unfavorable balance of foreign trade  being 481.9 bln AMD ($1001.9 mln). In Sept 2016, the foreign trade  turnover increased by 0.9%, with import rising by 1.7% and export  dropping by 0.7%. As compared to Sept 2015, the foreign trade  turnover increased by 11.4%, with export growing by 21.9% and import  rising by 6.5%. In Sept 2016, the unfavorable balance of foreign  trade rose by 4.5% to 67.9 bln AMD ($143 mln). 

The average AMD/USD exchange rate was 474.10 AMD/1USD in Sept 2016  and 481.03 AMD/1USD in Jan-Sept 2016 versus 481.07 AMD/1USD in Sept  2015 and 477.71 AMD/1USD in Jan-Sept 2015.