Premier: Armenia to finish 2017 with economic indicators above projected

ArmInfo. 2017 Armenia will finish with the economic indicators above the projected. Answering the question of journalists during the visit to the community of Shenik of the Ararat region on December 13, RA Prime Minister Karen Karapetyan said, noting the growth of GDP, exports, imports, etc. in this direction.

"But even if we double the figures - it does not solve all the problems. There is no such country in the world that, having high rates of economic growth, could find solutions to all problems," he said.

Speaking about the poverty level in the country, K. Karapetyan noted that this issue is a concern, but assured that all the government's activities are aimed specifically at reducing poverty. "I assure you, you will see what steps we will take to reduce this indicator", summed up the prime minister.

According to the National Statistical Service of the Republic of Armenia, according to the results of 2016, under the poverty line (including extremely poor), according to an objective assessment, there are 29.4% of the population of Armenia, and according to the subjective estimate - 16.6% (against 17% in 2008). Recall that the poverty level in Armenia, according to the forecasts of the World Bank, will decrease in 2017-2018 to 24.1-23.2%, against 24.9% in 2016 and 25.6% in 2015.

According to statistics, in total, Armenia's foreign trade turnover in January-October 2017 increased by 22.4% per annum, amounting to 2,400.6 billion drams ($ 4,979.8 million). This upward trend was provided by export growth of 19.4% to 841.4 billion drams ($ 1,745.4 million), against the backdrop of an increase in imports by 24% to 1559.2 billion drams ($ 3234.4 million). The slowdown in export growth rates (from 19.8% a year earlier), with a sharp drop in imports from last year's 0.3% decline in growth, a higher export rate, increased the foreign trade deficit in Jan-Oct 2017 by 28.4% per annum to $ 1,489 million. Armenia's economic activity in Jan-Oct 2017 accelerated its annual growth rate to 7.1%, from an almost stagnating 0.4% in the same period in 2016.

According to the IMF forecast, Armenia's GDP growth in 2017 will be 4% (against forecasted in October of 3.5%), according to the World Bank forecast - 2.7%, with the acceleration of rates in 2018 to 3.1%, in 2019 - to 3 ,4%. According to the forecast of the EDB in 2017, the GDP of Armenia is expected to grow by 2.9%, the Asian Development Bank - by 2.2%. Fitch improved the forecast for GDP growth in Armenia in 2017 from the previous 2.1% to the current 3.4% with acceleration to 3.6% in 2018. The state budget of Armenia for 2017 provides for GDP growth of 3.2%, inflation at 2.4%. In December 2017, the Armenian parliament adopted the state budget of the republic for 2018, which provides for GDP growth of 4.5%.  Forecasts of economic growth for 2018 are largely due to the outlined positive dynamics in 2017, as a result of which the Ministry of Finance raised forecasts for economic growth for 2017 from the target of 3.2% to 4.3%. According to the updated forecast of the Central Bank of Armenia, the GDP growth of Armenia in 2017 will be 4.4-4.9%. In 2016, Armenia's GDP growth slowed to 0.2% from 3.2% in 2015, with the GDP growth rate set in the state budget in 2016 by 2.2%.