Wednesday, March 22 2017 16:32
Naira Badalian

Vardan Aramyan does not rule out Armenian economy growth slowdown after parliamentary elections

ArmInfo. In the first semester of 2017 the economic stirring of Armenia could slow down a bit from current  6-6,5% down to  5%. "At the same time, the GDP 3,2% growth expectations will still exist - moreover, those might exceed the figures reflected in the budget, as far as the Government has pretty high ambitions," Vardan Aramyan, the Finance Minister, stated on March 22 at a press conference,

The Minister reminded that  according to National Statistics Service, the economic activity in january formed 6,5%, in  January-February 2017 compared to January-February 2016 increased by 6.2%.  According to the preliminary data of the National Statistical Service of Armenia, in the structure of economic activity the recession continues only in the construction sector - this time 13.8%. In other areas growth was noted, with the highest in the industrial sector (16.1%), services (11.1%) and energy complex (10.4%), against which the trade turnover grew slightly more modestly by 9.6% and the agricultural sector showed a minimal growth of 0.1%.

At the same time Armenia's foreign trade turnover in January-February 2017 amounted to 371 billion AMD ($ 761 million) with annual growth of 22.2%. In its structure, the volume of exports has undergone an annual growth by 20.1% to 133.1 billion AMD ($ 273.7 million), and imports had an annual growth of 23.5% to 237.9 billion AMD ($ 487.3 million). Only for February 2017 foreign trade turnover grew by 22.9% due to the growth of exports by 25.3% and imports by 21.6%. In February 2017, by February 2016, these indicators grew by 11.6%, respectively, 10.1% and 12.4%.

Meanwhile, according to Aramyan, in the first semester of 2017 the economic activity of the country probably may slow down  in some ways. But this slowing down, as the Minister accentuated, will be related not to post-electoral flows and processes and not to the cancellation of necessity to provide required figures of economy growth. The economic activity indicator might slow down proceeding of the basic effect of its growth starting from the middle of the last year. However, in the first half of 2017 the economy growth rates decrease could not be less than 4-5% mark. " Anyway, based on the results of the year, the Government will provide at least the 3,2% GDP growth assumed set in the budget. We hope for higher growth indicators also," Aramyan stated mentioning the ambitious intentions of Armenian economic policies authors.

  • To note, according to the State Budget of RA,  Armenia's GDP growth will  reach 3.4% in 2017, against the predicted 3.2% for 2016 (previously  forecasted 2,25-2,5%). According to the state budget of Armenia, economic growth in 2017 is planned at 3.2% of nominal GDP growth -  within 5%, while the index-deflator by 1.7% (vs. 2.4% in 2016), the  deficit of 150.1 billion AMD. The profitable part of the state budget  of Armenia in 2017 will increase to $ 1 trillion.  210billion AMD,  expenses will decline to 1trillion 360 billion AMD, the ratio of  revenues/GDP is 22.4% (compared to revenues/GDP 21.8% in 2016).
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