Tuesday, September 20 2016 16:43
Naira Badalian

Vache Gabrielyan: Economic growth in Armenia will total 2.5-3.5% at year-end 2016

Vache Gabrielyan: Economic growth in Armenia will total 2.5-3.5% at  year-end 2016

ArmInfo. Economic activity in  Armenia will total 2.5-3.5% at year-end 2016, Minister of  International Economic Integration and Reforms of Armenia Vache  Gabrielyan stated on the sidelines of the Economic Forum "Armenia as  a Bridge to Large Markets" on September 20.

At the same time Gabrielyan noted that the economic growth should be  considered in terms of economic perspective and for each particular  sector. The Minister recalled that in the first half of the year the  highest results were registered in the field of mining industry,  agriculture, as well as services and tourism. "The approach should be  more detailed and for each particular enterprise. In any case  economic growth between 2.5% and 3.5% will be registered at the year  end and the share of export will be higher than ever before", the  Minister noted.  

To recall, according to the state budget, 4% (+1.5%) inflation and  2.2% GDP growth are planned in Armenia in 2016. At the same time,  International Monetary Fund (IMF) has upgraded its forecast for  Armenia's economic growth in 2016 to 2.25- 2.5% versus earlier  forecasted 2.2%. World Bank forecasts a 1.9% GDP growth for Armenia  in 2016 (versus previously forecasted 2.5%) with further acceleration  of growth to 2.8-2.9% in 2017-2018.  EBRD forecasts economic growth  to 2% in 2016. The Central Bank of Armenia has revised its economic  growth forecast for Armenia in 2016 from the previous 1.5- 2.6% to  2.7-3.6%.

According to the statistical data, economic activity in Jan-Aug 2016  increased by 2.4% y-o-y versus 3.9% growth for the same period of  2015. Acceleration of growth was registered mainly due to industry  (7%) and services (8%).


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