ArmInfo. According to the updated World Bank forecast, the service sector and industry will be the drivers of Armenia's GDP growth in 2018 - 6.3% and 5% respectively, while the agricultural sector is expected to climb by 2.5%. This is noted in the October report of the WB "Macroeconomic Development of Armenia", where the forecast for GDP growth in Armenia for 2018 has been improved from the previous 4.1% to the current 5.3%.
WB, having also improved the forecast of GDP growth in Armenia for 2019 - from the previous 4% to the current 4.3%, notes that in this case the industrial sector will be the driver - 6.1%, while the services sector and the agricultural sector will show a more modest growth - 3 9% and 2.9% respectively.
According to the RA Statistics Committee, Armenia's GDP grew by 7.5% in 2017 to 5.580 trillion drams ($ 11.6 billion). A year earlier, in 2016, GDP growth slowed to 0.2% from 3.2% in 2015. The GDP deflator index in 2017 amounted to 102.2%, against 100.5% in 2016. Economic growth in 2017 was supported by the services sector - by 14.4% per annum, trade - by 14% and the industrial sector - by 12.6%, against growth by 7.1%, 0.1% and 6.7% respectively a year earlier . A relatively modest growth was also provided by the energy complex and the construction sector - 6.1% and 2.2%, which a year earlier recorded a decline - 6.2% and 10.8%. Against this background, the agricultural sector, lingering in a recession, only slowed down to 3% from 5.2% in 2016.