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%).