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.